In 2001 I started a business. In December 2001 I purchased and put into service a 2002 Suburban (100 % business use) costing $38,000 and expensed $24,000 of the cost under a Section 179. I depreciated the remaining $14,000 as follows:
2001 - $2800
2002 - $4800
2003 - $2688
2004 - $1613
2005 - $1613
2006 - $806

In the latter part of 2005 and all of 2006 the business was declining to the point that it was losing money. In January 2007 I decided it was time to retire. How do I recapture anything that remains on the vehicle mentioned above.

I use TurboTax.

On the “Listed Property Recapture” screen it states to enter “All depreciation taken before 2007 on this property”. I looked at my previous Schedule C from years 2001 through 2006 and found the above numbers that TurboTax had computed.

On the same “Listed Property Recapture” screen it states to enter “Depreciation recomputed on this property using the Straight Line Method”. It will then calculate the recapture amount.

My question:
I have looked at Pub 946 until I am almost blind and still cannot figure out straight line depreciation table to use or how to calculate the depreciation for this vehicle. Can anyone here advise me how to do it?

Thank you,

No recapture is required, as the depreciation was used up by 31 December 206.