turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

trrsj
New Member

Business Car. Took special depreciation on year 1. Went below 50% on year 2 so I recaptured. Now. I want to convert to personal use. How do I show that for coming year?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
KristinaK
Employee Tax Expert

Business Car. Took special depreciation on year 1. Went below 50% on year 2 so I recaptured. Now. I want to convert to personal use. How do I show that for coming year?

You will need to revisit the "Asset" section in TurboTax. When you get to the screen that says Tell Us More About This Asset, check the box for The item was sold, retired, stolen, destroyed, disposed of, converted to personal use... 

The next screen will ask you about Special Handling. Say Yes there. This is "dispose of" the item without any gain or loss. Once you have access to your return in pdf format, you will be able to see that on the Asset Depreciation Schedule. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies