depreciation recapture when closing a business?

[clord3]

What is the name of your state (only U.S. law)? Kentucky

My wife is no longer self-publishing music, a business she opened in 2009 and has done very little with. There is a sound recorder that was bought for the business in 2009, a master recording of a 'show' she wrote and a music score and about 50 copies of the score remaining. She will use the recorder for personal purposes - not sell it - and keep the other items with no intent to sell but to give away if/as appropriate.

We have claimed depreciation for the recorder and the recording - no 179 claim, not listed property. Do we need to file any recapture or anything else about depreciation or any other tax-related issue?

 

[tranquility]

Conversion to personal use property that does not have a 179 deduction or is not listed property does not require recapture until it is sold or disposed of. Remember to depreciate for only the time it was business property and reduce the full year depreciation in the last year if appropriate.

 

[clord3]

Conversion to personal use property that does not have a 179 deduction or is not listed property does not require recapture until it is sold or disposed of. Remember to depreciate for only the time it was business property and reduce the full year depreciation in the last year if appropriate.

Thanks - was what I was hoping to hear.

 

[tranquility]

Thanks - was what I was hoping to hear.

From the way you wrote the question, I suspect you already knew the answer. But, it's never bad to check.