Oilerman1957
Expert Expediter
Frank, if i use the standard mileage rate for lets say 2 yrs, then sell my van, how much do i have to recapture?
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Frank, Standard mileage
- Thread starter Oilerman1957
- Start date
There is a fourmula for recapture in Publication 946, How do I depreciate business property
and yes the total is recaptures
Frank
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
and yes the total is recaptures
Frank
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
Oilerman1957
Expert Expediter
No, there is also a formula for the mileage deductions that you have taken, that has to be recaptured, it is not a percentage, you would have to go by the formula, If you do not sell and wind up keeping the van for personal use, there is not capital gains and no recapture.
Frank
Frank