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.
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/.
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