Would I be able to avoid section 179 recapture after I stop ubering if I don’t deduct the entire amount of my car? I only plan on ubering for another year (total of 2 years). For example, my car was about $16,000 but I can only deduct as much as I made ubering, which was $6,000. If I only deduct about $3,000 ($16000/5years) this year could I avoid recapture?
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No, unfortunately. when you stop using an asset, you need to recapture any depreciation you took or COULD HAVE taken, so you might as well take whatever you are entitled to.You should only be taking depreciation based on the % usage of the vehicle for this business.
No, unfortunately. when you stop using an asset, you need to recapture any depreciation you took or COULD HAVE taken, so you might as well take whatever you are entitled to.You should only be taking depreciation based on the % usage of the vehicle for this business.
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