Question

Mileage and recapture

Forum|Forum|2 years ago
February 6, 2024
1 reply
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I used my car in a new security business last year. Business usage was only 2%. This year I did not do anything with the security business, but plan to next year. Do I have to recapture anything or do I just delete schedule c off this year since I didn't have any 1099 income?

Not A Product Question

T

ThomasM125

You would only need to recapture bonus or section 179 depreciation if you chose that option when you put your vehicle or assets into service with the business. If you used the vehicle for less than 50% business use, you couldn't have claimed bonus or section 179 depreciation, so it looks like you may be OK to delete the business from your Tax return.

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