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How can I depreciate unrecovered basis in listed property (car) 100% own by S-corp (IRS allows $1775 annually after recov. period is over). How to add it to form 4562?
How can I depreciate
unrecovered basis in listed property (automobile) which is an asset in
S-corporation (100% business). The recovery period of 5 years is over but I
still have basis I can depreciate and IRS allows to depreciate $1775 annually
. How to add it to form 4562?
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June 6, 2019
8:02 AM
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Deductions & credits
You should add the vehicle as an asset for depreciation. Based on your dates, the software will recognize that you are claiming unrecovered basis. Head into Federal Taxes tab >>> Deductions >>> the first section Depreciation of Assets >>> add your vehicle
You are correct that the amount you can deduct is the lessor of $1775 or your basis, so the software will track this for you. You qualify as long as you continue to use it 100% for business.
June 6, 2019
8:02 AM