Disposal of asset on schedule C

[becca]

 A client purhased a vehicle in 2018 and claimed section 179 and depreciation in 2018 on SCH C and 100% business use.

In 2019, he no longer used the vehicle and turned it in to dealer as a voluntary repo.  What value do I enter for sales price?  Software keeps generating a big loss?

I entered date of disposal, for value- I entered amount owed at time of return to dealer,

Is this correct?

[abctax55]

No, it doesn't sound right.

Was the § 179 the entire cost of the vehicle?  If so, the basis is zero.

And don't forget that the § 179 has to be recaptured on Sch C

[becca]

Spoiler

Cost 37,969

Seciton 179 taken : 2K  Depreciation taken: 1768

Value at time of REPO was 30,269

What do I enter and how do I recapture section 179?

[IRonMaN · Accepted solution]

If it was a "repo" I'm assuming that you have some debt against the vehicle.  That debt would be the selling price of the vehicle.

[qbteachmt]

"Value at time of REPO was 30,269"

Did you mean "debt balance" or did you mean Fair Market Value or did you mean Remaining Basis? These are not synonyms.