I have expensed the SUV I bought in 2004. Now, I want to give this SUV to my daughter. Any problem? (J.C., Dallas, TX)
Yes. If you give this SUV to your daughter, you will have to recapture any expensing or depreciation deductions in excess of straight-line depreciation.
To eventually give a vehicle to your daughter and avoid recapture, you could take the following steps:
Trade in this SUV for like-kind property (car or SUV), or use a ... Log in to view full article.