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Tax question
Posted on 10/10/12 at 2:04 pm
Posted on 10/10/12 at 2:04 pm
What is the proper accounting for buying a piece of equipment for use in a sole proprietorship (schedule C) electing 179 or bonus depreciation the first year and the next year taking out the equipment for personal use?
To me it sounds like that is not a taxable event and that you would just carry zero basis with the equipment personally and have to recapture depreciation if later sold.
To me it sounds like that is not a taxable event and that you would just carry zero basis with the equipment personally and have to recapture depreciation if later sold.
2
Posted on 10/10/12 at 6:41 pm to Ford Frenzy
Bump
Posted on 10/10/12 at 8:04 pm to Ford Frenzy
When business use of an asset drops below 50% you are supposed to recapture any depreciation in excess of straight line depreciation.
Posted on 10/10/12 at 8:35 pm to Poodlebrain
Thank you, so if you didn't take bonus and had it in the business for the duration of what would have been straight line, you can take it out as a non taxable transaction with zero basis?
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