tagteam,
Depreciation was taken out in for vehicle on tax filed in 2024 for tax year 2023.
The vehicle has been depreciated on the business tax returns for tax filing years 2019,2020,2021,2022 and 2023. Tax year 2024 is still in progress and yet to end for filing.
The business is a single member LLC with a sub chapter S provision. It is not a sole proprietorship.
The vehicle was an individual purchase primarily to use for business but not titled in the business name in case it could be used for personal reasons should the need arise. The personal use issue never transpired.
Hope this helps but the business never owned the vehicle, it was only purchased to fill a business purpose that never developed.
mudtech61
