Article Date:
September 2012


Word Count:
925

 

 

Learn What Happens When You Convert an Asset from Business to Personal Use


Question

 

I’m a CPA who subscribes not only to your fine publication but also to a number of those very expensive tax services. I noted that two of the expensive services state that upon the conversion of an asset to personal use, I treat the conversion as a disposition of the property in that year and I don’t need to recognize gain, loss, or depreciation recapture.

 

I remember reading in your publication that I need to recognize depreciation recapture.

 

I now face this question with one of my clients who has a potential recapture of nearly ... Log in to view full article.

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