Bonus Depreciation Recapture - When Business Use Falls Below 50%
If you are a business owner and take the bonus depreciation deduction for a business vehicle, you need to continue to track your business usage in subsequent years.
If the business use falls below 50%, you are in for a rude awakening. In the year business use drops below 50%, there is a required bonus depreciation recapture.
For a video on the eligibility of the bonus depreciation deduction, check here:
https://youtu.be/6aaRcAE6PWI
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#IRS #Taxes #BonusDepreciation
DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.
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