Question

Recapture company vehicle sale

Forum|Forum|5 years ago
April 13, 2021
1 reply
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July 2020, my business sold. I kept the truck. Software indicated I needed to recapture.

I don't know where to find the depreciation taken or the section 179 information for 2020.

I acquired the vehicle in 2014 and had a 5 year depreciation

Thank you in advance for any assistance!

TurboTax Self Employed Online

ColeenD3

If you started using the truck in 2014 for business, the truck would be fully depreciated by now, no matter what form of depreciation you took. It's value would be zero. If you sold the truck, you would have a gain, no matter the sale price. If you converted to personal use, you should not have to recapture.

Double check all your answers.