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November 13, 2024
Question

Depreciation Recapture on Vehicle Converted to Personal Use

  • November 13, 2024
  • 1 reply
  • 0 views

I purchased a vehicle to rent as part of a business. I took the bonus depreciation in 2023. If I decide to convert that asset to personal use (100%) - but not sell it - how do I recapture the depreciation I took all at once?

1 reply

Employee
November 13, 2024
No text available
tara_njAuthor
November 13, 2024

Will I have to recapture any of the bonus depreciation I took last year as income this year based on that change? 

Employee
November 13, 2024
No text available