PatriciaV
Expert Alumni

Business & farm

When filing a business tax return, answer all questions for the business in question, in your case, the S-Corp.

 

1) Use the date of the S-Corp election as the incorporation date. TurboTax will use this date to check other entries. Also, this indicates to the IRS that this is the initial tax return for your new entity.

 

2) Yes, you can take the standard mileage deduction for the vehicle, which is the best option for a fully depreciated vehicle.

 

3) You are not required to record fully depreciated assets on your business return. Note that if you sell those assets in the future, the full amount of the sales price will be a taxable gain.

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