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What would my 179 recapture be on business owned cargo van

This topic contains 1 reply, has 2 voices, and was last updated by Crystalynn Shelton 2 weeks, 4 days ago.

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This question was submitted in response to Car Depreciation: How to Calculate Your Deduction

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April 3, 2018 at 3:18 pm #179827 Reply

Tom Ann

The business purchased new in 2010 a commercial cargo van for 26,000.00. The 1798 deduction was used. The vehicle was used 100% for business use the entire time. Business was sold in late 2017. I have been told that the entire 26,000.00 must be recaptured and taxed as income. Please help or clarify or suggest any options I may have. Thanks in advance.

April 3, 2018 at 3:22 pm #180741 Reply

Crystalynn Shelton
Moderator

Hi Tom,

Unfortunately I cannot give you any tax advice. I recommend that you get in touch with a tax pro who can assess your particular situation or purchase a tax software like TurboTax that will automatically do these calculations for you.

You may be able to locate a tax expert in your area, check out our bookkeeper directory: https://fitsmallbusiness.com/reviews/bookkeepers/.

Thanks for reading!
Crystalynn Shelton
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