If I claim bonus depreciation on 7 year, new property in 2017 and it is taken out of service in 2018, is there some kind of recapture?
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More facts needed, like if this is an entity and what does it means to "take out of business". -
If it had a fair market POSITIVE value of course.Comment
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Answer to ?
My client will be closing the business in mid 2018 and converting the asset personal use. What happens to Bonus Depreciation claimed in 2017 in 2018, if anything?Comment
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Nothing happens to it. Taxpayer gets to keep the deduction.
At whatever point the property is sold, the taxpayer may have a gain due to the larger depreciation (Bonus Depreciation).Comment
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