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2017 car put in service 2021 20,000 value sold in 2022 15500 biz use 87% form 4562 deduction.how much will i have to recapture, report in 2022 ?

Forum|Forum|3 years ago
November 24, 2022
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If you need more info, please let me know .
Thank you
$ 8,761 deduction on Schedule C

TurboTax Self Employed Online

Best answer by Anonymous_

You have (or had) to use the lesser of the fair market value or your adjusted basis when you put the vehicle into service.

A

Anonymous_Answer

Employee

You have (or had) to use the lesser of the fair market value or your adjusted basis when you put the vehicle into service.

2

20jojo21Author

Thank you for taking the time to respond. My accountant passed away last year so I decided to do my own taxes with Turbo Tax. Accounting is not my strong suit. Here are some #'s , maybe someone can come up with an estimate of how much I will have to report on the trade ( $ 15,500) of the car. 2021 first year I took depreciation.

Purchased 2017 , Put in service 8/2021. $20, 000 value as per Kelly Blue Book.

FORM 4562 Line 2 SECTION 179 Property $17,178 ( $ 20,000 x 85.89 % used for business)

4562 Line 22 $ 8761

Schedule C Line 13 $ 8761

* Note Traded in Jan 8, 2022

Is this enough information to figure what I will have to report as income on the sale of 2017 car ?

Thank you