Client took 179 deduction in 2004 on van that did not qualify as unlimited. Cost was $27,630, so 179 taken in 2004 was $25,000. What do I do for 2005 with the excess ($2630) cost basis that was not expensed? Is it recaptured over 4 or 5 years, expensed in 2005 or just lost forever?
Thanks in advance!
Thanks in advance!
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