I claimed Section 179 on a vehicle, but business use fell sharply this year. Do I have to give some of it back?
I bought a vehicle for my business and claimed a Section 179 deduction in the first year because the business-use percentage was well above 50%. This year my circumstances changed and personal use is much higher. I keep hearing the word 'recapture,' but I am not clear whether that applies only when the vehicle is sold or also when business use drops below the threshold while I still own it.
I need to know whether the current-year return has to bring prior tax benefit back into income and, if so, how that is actually computed.
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