Steve Richardson wrote:

- quote -

Two aspects to your question.

1. If part of that 3600$ was section 179 deduction, then you
must recapture part of it for 2003.

2. However if all of it was "regular" depreciation, no
recapture, and no further deductions. After all, you
haven't "lost" anything in 2003.

Cheer$,
Harlan Lunsford, EA n LA

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I was self employed 2002 - bought new car for transportation
for the business, which failed by the end of the year. Took
depreciation of $3600 last year on taxes when all was well..
Wondering if anyone knows if I can take some kind of loss on
the vehicle now that the business is defunct, thought it
certainly is being used for personal use to this day. Is
this car purchase still deductible as a loss? Any input
appreciated. Thanks in advance.

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