Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- 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?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
jnkniffencpa
Level 2
09-20-2024
05:09 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Labels
1 Comment 1
Terry53029
Level 14
09-21-2024
08:58 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You increase the basis of the property by the recapture amount
