179 Depr Recapture for Vehicle after year 6

[Gretel]

After year 6 of vehicle depreciation there is no recapture any longer. Is this correct? This is not a luxury vehicle and straight line depreciation for each year would have been under the annual depreciation limits.
Brad, you used to use ProSeries, is there a worksheet for this? Thanks,

[TaxGuyBill]

There could be recapture, but it is may be a different kind of recapture.

Whenever an asset is sold for more than its Adjusted Basis, there is recapture. So that could apply to your situation. That is reported on Form 4797 and results in income tax.

If an asset is Listed Property (such as a vehicle) and it is sold before before the Recovery Period ends (5/6 years in the case of a vehicle), if is a different type of recapture that adds it to business income (which could include SE tax if it is on Schedule C or F),

So in your case (over 6000 pounds and after the 5/6 year Recovery Period), just report the disposition in ProSeries on the Asset Entry Worksheet and it should handle the sale. If it was before the 5/6 year Recovery Period, then it may require more work (and some manual calculations).

[Gretel]

There could be recapture, but it is may be a different kind of recapture.

Whenever an asset is sold for more than its Adjusted Basis, there is recapture. So that could apply to your situation. That is reported on Form 4797 and results in income tax.

If an asset is Listed Property (such as a vehicle) and it is sold before before the Recovery Period ends (5/6 years in the case of a vehicle), if is a different type of recapture that adds it to business income (which could include SE tax if it is on Schedule C or F),

So in your case (over 6000 pounds and after the 5/6 year Recovery Period), just report the disposition in ProSeries on the Asset Entry Worksheet and it should handle the sale. If it was before the 5/6 year Recovery Period, then it may require more work (and some manual calculations).

Thanks TaxGuyBill, I wasn't clear enough. This is for less than 50% biz use in year 6, vehicle is under 6000 pounds, just not luxury and a small amount of Sec. 179 depreciation was taken in the first year but not bonus. I was hoping there is a worksheet for this recapture in PS. It clearly warn me on my asset entry sheet that I need to recapture but it also assumes that business use was low throughout the years since my five year history report calculates on the current year biz use %. I did do calculations manually but would feel so much more comfortable if I could use a worksheet to verify.