What happens when I convert an asset to 100% personal use?

When you convert an asset to 100% personal use, you are no longer using the asset for business. When this happens, you may have to recapture your Section 179 deduction or recapture excess depreciation (we'll walk you through that process if needed). However, you won't need to report a gain or loss on the asset until you sell the asset later. Make sure to keep your tax records so that when it is time to sell the asset, you have all the information you need.

In the future when you do sell the asset, you'll need to enter the sale in the Sale of Business Assets section of the software.

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