@PatriciaV
Thank You!
I have some more questions:
1. When removing the asset from Quickbooks, should this be recorded against owner equity? So the Journal Entry would credit the asset, debit accumulated depreciation, and debit the remaining amount from owner equity?
2. If we do end up selling the vehicle at some point, would I have to calculate depreciation recapture on the business return or on the personal returns?
3. Turbotax does not have an option to select "convert to personal use" but they do have an option of "dispose by any other means" which they describe as their "catchall" Is that the correct designation? When I choose this, it creates a basis amount (cost of asset-prior depreciation=$x) which causes my balance sheet to be off by that same amount.
