Hate to abuse your willingness to answer my questions but here is a follow up that I am hoping you can give me additional information on.
The vehicle, which I thought was NOT a business asset since it was titled and the note for it was in my personal name and not the name of the LLC (S-Corp Provision) was paid off by me from personal funds (as I thought it was a personal asset) so the sales proceeds was actually $6,575.28 less than the pay off amount to clear the title. If this is the case, can I amend the return to show the vehicle paid off ($37K) and then sold for $29,500 at a loss? The actual loss is more like $20500 as the sell price was $50,000. I am sure that I will need to get a tax professional to get this all straight but I am trying to avoid entanglement with the IRS. Thanks.
Mudbug
