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Fixed Assets CS Support

Recapture section 280F amounts

To enter business use percentages so the application can calculate recapture under IRC section 280F, perform the following steps. When recapture is necessary because the business/investment use percentage for listed property or luxury automobiles falls to 50% or lower, the application automatically calculates the section 280F recapture amounts.
note
If section 179 expense was taken on this asset, it may be subject to recapture of section 179 expense.
  1. Open the client and, if necessary, select an activity folder.
  2. From the
    Asset List
     window, select the asset and select the
    Modify
     button to open that asset's record in the
    Asset Detail
     window.
  3. Select
    Tasks
    , then
    Section 280F Recapture
    .
    note
    This command is available only when a prior-year asset's business use percentage, in the
    Vehicle/Listed
     tab, falls under 50 percent in the current year, and if the asset's current and prior depreciation have been calculated.
  4. In the
    Section 280F Recapture
     window, enter the percentages.
  5. Verify the recapture amount displayed in the
    Recapture amount
     field is correct. If it is not, enter a new amount in the
    Depreciation or recovery deduction
     field.
  6. Select
    OK
    . The amount in the
    Recapture amount
     field transfers to Part IV of Form 4797.

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