@mudtech61 wrote:
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)
can I amend the return to show the vehicle paid off ($37K)
The LLC is taxed as an S-corporation? When you say it was fully depreciated, do you mean the S-corporation reimbursed you personally via an Accountable Plan? The S-corporation can't depreciate something it doesn't own, but it can reimburse via an Accountable Plan.
Paying off a loan is not a deduction.
