Standard mileage deduction and recapture

Forum|Forum|1 year ago
February 11, 2025
1 reply
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I'm self-employed. I used my car for business and took standard mileage deduction in previous years. I didn't use this car in 20224 for business. Do I need to check the box "I stopped using this vehicle in 2024"?

Since I used the standard mileage in previous years do I have to report recapture? I have never taken a section 179 deduction on it.

The first year I used this car for business was 2015. I bought it used in 2015 for $4500.

TurboTax Home & Biz Windows

Best answer by ThomasM125

You should indicate that you stopped using it for business, but you won't have any depreciation recapture since you didn't use the section 179 or the bonus depreciation allowance on it.

ThomasM125Answer

You should indicate that you stopped using it for business, but you won't have any depreciation recapture since you didn't use the section 179 or the bonus depreciation allowance on it.

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