I purchased a vehicle in April of 2019 for 100% business use for approximately $50,000. The vehicle is/was titled in my name not business but was never used for personal purposes. Sold the vehicle in October 2024 for $29,500 and paid off with additional personal funds of $36,000. Claimed depreciation for vehicle on 2024 tax for entire year (forgot). What do I need to do now to correct oversight and avoid possible issue with IRS?
Also, since vehicle was titled in my name and not in the business name would it be considered a personal asset used for business purposes or is this going to be another potential problem? I am sure that some of you tax gurus can figure out how much depreciation was paid versus the amount for which the vehicle sold as I obviously took a loss on the sale but the vehicle was an ongoing expense that was unnecessary so I decided to sell it before it devalued further.
JME
