My wife and I owned a LLC. My wife bought a new car (under her name) dedicated for the LLC business used. Can we depreciate the car in the form 1065? Or is there any other way that we can claim the car depreciation in the form 1065? (e.g., can we put it as auto and truck expenses?)
@kippy98 wrote:My wife and I owned a LLC. My wife bought a new car (under her name) dedicated for the LLC business used. Can we depreciate the car in the form 1065? Or is there any other way that we can claim the car depreciation in the form 1065? (e.g., can we put it as auto and truck expenses?)
This can become complicated very quickly and you should seek professional tax and legal counsel with respect to this transaction as well as your partnership (LLC) return.
In the meantime, you can read through the link below for some rough guidance.
See https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh
Thanks a lot. That is very informative!
Still not clear on one question: if my wife own the car, can we use asset depreciation in form 1065 (one of the deduction item in turbotax business version).
@kippy98 wrote:Thanks a lot. That is very informative!
Still not clear on one question: if my wife own the car, can we use asset depreciation in form 1065 (one of the deduction item in turbotax business version).
Technically, the title should be in the name of the LLC, and not in the name of an individual partner.