A. Probably. You didn’t say so, but we’re assuming you claimed the expensing deduction for those business assets. In that case, you must recapture some of the tax benefits for your conversion to personal use. Generally, the amount recaptured is the difference between the claimed Sect. 179 deductions and the regular depreciation deductions that could have been claimed while the business was in operation. Tip: If you claimed regular depreciation deductions instead, you generally owe tax to the extent you realize a gain on the disposition.
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