I am in the home-building business, and I am thinking of calling it quits. What happens if I just close my Schedule C home-building business and take a job as an employee? (R.T., Orlando, FL)
You could be in for a rude awakening. Tax law makes you recapture and report as taxable income the section 179 expensing that you claimed on your trucks and SUVs if your business drops to 50% or less during the asset’s depreciable ... Log in to view full article.