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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
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I am converting a 90 % business use vehicle to 100% personal

Customer Question

I am converting a 90 % business use vehicle to 100% personal use in a sole proprietorship. The vehicle title lists the business name and my name underneath the business name. Do I have to recapture sec 179 and regular depreciation? Do I need to change the title to my name only?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: The auto was purchased in 2010 in the business name which is a Sched C sole proprietorship.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.
Do I have to recapture sec 179 and regular depreciation?Yes - as soon as the usage becomes less than 50% prior section 179 deduction is recaptured.Do I need to change the title to my name only?That is not required - you may continue to use teh car for personal purposes..Let me know if you need any help with reporting or have other tax related questions.

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