Converted it from 20% business use to 100% personal use. 2020 was the first year of reporting business use which was below 50% . Turbo tax is indicating that I have to enter figures under "Listed Property Recapture" for both all previous depreciation plus section 179 from last year and also a number for depreciation recaptured using straight line depreciation.
Where do I find these numbers on the 2020 turbotax form? I used mileage of 961 @ $0.26 for 2020. Not sure which I put in "all deprication plus section 179"
for the second entry, "deprectiated recaptured using straight line " Do I just take the purchase price of the car and divide it by 7 years or what?
Not sure where to look on 2020 tax return for what was depreciated.
Please help!
If you took Section 179 depreciation in 2020, it would be included in Part I of Form 4562.
Thank you for that information.
my pc crashed and I lost the 2020 online install of home & business. The only backup I have is the tax return file in pdf.
How can I recover that 2020 return from intuit and do I have to buy 2020 home & business again?
gene