depreciation of vehicle

[gold2jen]

i had a car for my business and it is under the depreciation sheet but that car died and i personally have a new car what do i do? 

[AmeliesUncle]

Enter a new vehicle for your new car.

What happened to your previous vehicle?  Do you still own it?  Did you sell it?  Something else?

[gold2jen]

That cars transmission blew. We got a new car but at the time didn't get it thru the business it's in our personal name. 

[AmeliesUncle]

Do you still own the vehicle?  Sold it?  Gave it away?  Something else?

Are you self-employed and file a Schedule C for your business on your personal tax return?  If not, give details.

[gold2jen]

It's an s corp I get a k1 for my personal taxes. The car blew its transmission and I bought a new one but not thru the business its in my personal name 

[KrisD15]

You need to take it off the books for the S-Corp.

If the car was totaled, you will indicate this for the business. If you received any value, use that value as the sale proceeds. 

If it generates a loss, only the S-Corp could recognize the loss, not you personally. 

If you personally purchase a vehicle and use it for the S-Corp, you will need to setup a reimbursement plan where the S-Corp will reimburse you for your mileage. The business will get the expense, you do not claim the reimbursements as income. 

If the business purchases a vehicle, the business can use Actual Expenses or Standard Mileage.