What would my 179 recapture be on business owned cargo van
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/.
Thanks for reading!
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.