Most of the business property that you will expense and depreciate in this year’s tax return is MACRS (modified accelerated cost recovery system) property. When you convert this property to personal use, you need to know four important rules:
1.
The conversion of MACRS property from business to personal use does not require immediate recognition of gain, loss, or depreciation recapture under Sections 1245 or 1250 (e.g., recapture on the sale of an asset).
2.
The depreciation deduction in the year of conversion from business to personal use is modified to reflect the ... Log in to view full article.
