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- How do I adjust the basis of an asset for 179/depreciation recapture when business usage drops to 50% or less?
How do I adjust the basis of an asset for 179/depreciation recapture when business usage drops to 50% or less?
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jnkniffencpa
Level 2
Friday
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I have a client with a 100% business use vehicle from 2019-2022. In 2023, the business usage dropped to 50%. I understand the recapture and claiming the Other Income. What I don't understand is where/how to adjust the basis of the asset. Do I adjust the amount of depreciation previously taken or is there another solution?
Thank you in advance.
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Terry53029
Level 14
Saturday
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You increase the basis of the property by the recapture amount
