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jrze
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- Posted 179 depreciation schedule- 5 tax years or 60 month? on Business & farm. January 20, 2021 11:41 AM
- Posted 179 deprecation- use by another business? on Business & farm. January 20, 2021 11:03 AM
- Cheered Re: Home office- new A/C unit, water heater and garage door for Irene2805. January 19, 2021 1:28 PM
- Cheered Re: Home office- new A/C unit, water heater and garage door for RayW7. January 19, 2021 1:28 PM
- Posted Re: Home office- new A/C unit, water heater and garage door on Business & farm. January 19, 2021 8:07 AM
- Posted Re: Home office- new A/C unit, water heater and garage door on Business & farm. January 18, 2021 2:39 PM
- Posted Home office- new A/C unit, water heater and garage door on Business & farm. January 18, 2021 12:27 PM
- Posted Re: For 179 depreciation on a vehicle 5 year period. If you purchase a vehicle in Dec 2017, would the 5 years be 2017-2021 or end in Dec 2022? Ie- can you sell on 1/1/22? on Deductions & credits. December 31, 2020 6:35 AM
- Posted For 179 depreciation on a vehicle 5 year period. If you purchase a vehicle in Dec 2017, would the 5 years be 2017-2021 or end in Dec 2022? Ie- can you sell on 1/1/22? on Deductions & credits. December 29, 2020 6:46 AM
- Posted Vehicle purchased 12/15/17 and depreciated under Sec 179. When can I stop worrying about recapture? Does the 5 years end 12/31/21(2017-2021) or 12/15/22(5 actual years)? on Deductions & credits. October 25, 2020 4:51 PM
- Cheered Re: Capital loss carryover and home office depreciation recapture for Hal_Al. April 30, 2020 11:01 AM
- Cheered Re: Capital loss carryover and home office depreciation recapture for DawnC. April 30, 2020 11:01 AM
- Posted Capital loss carryover and home office depreciation recapture on Deductions & credits. April 30, 2020 10:22 AM
January 20, 2021
11:41 AM
Purchased a vehicle in Dec 2017 and claimed 179 depreciation on 2017 taxes. Business use has always exceeded 50%. The business has suffered due to Covid and business use will likely not stay above 50% for much longer. Does the recapture period end at the end of 2021 (5 tax years- 2017-2021) or not until December of 2022-60 months)?
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January 20, 2021
11:03 AM
My husband owns a business (online sales) which purchased a vehicle in 2017 and depreciated it under section 179. Due to Covid, the business has contracted and I am going to working for another business as a contract employee. I will be driving that vehicle to the office. I am concerned about having business use go below 50% and having to recapture depreciation. Any ideas to get around this? Does the business use need to be by the original business that purchased the vehicle or can it be by my business? I have no ownership interest in his business. Should I have the company that I will be working for pay my husband's business and then I would be paid by my husband's business and the vehicle usage would still be business use? I would be working as a legal assistant type position. Could I pay his business for the use of the vehicle for driving to the office? Just trying to figure some workaround so we do not have to recapture depreciation
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January 19, 2021
8:07 AM
We use hot water in the bathroom and we drive items to the post office, so we use the garage
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January 18, 2021
2:39 PM
Thank you. Just to make sure I understand- is there a reason the garage door and water heater can be trated differently than the A/C? Is it based on cost?
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January 18, 2021
12:27 PM
Home office is 33% of home. Purchased new A/C this year ($16,000), new water heater ($2,400) and new garage door ($1,500) for the house. Where do I enter these expenses in turbotax?
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December 31, 2020
6:35 AM
Thank you so much for responding. I cannot find anything in this document which shows it is 60 months and not 5 tax years- can you show me what I am missing? Everything I am seeing just references years.
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December 29, 2020
6:46 AM
Not certain if 5 years is 5 tax years or 5 actual years (60 months) and want to avoid recapturing depreciation. Please cite source if possible
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October 25, 2020
4:51 PM
Would love link to where answer came from, for my records.
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April 30, 2020
10:22 AM
I am a sole prop have depreciated a home office for the past 10 years. I also have a large capital loss carryover from the sale of land. When I sell my home, will the depreciation recapture be offset by the capital loss carryover? I have found information regarding that depreciation recapture for sale of a rental property would be offset by a capital loss, but do not know if there is a difference if the depreciation was for a home office.
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