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Business & farm
@kippy98 wrote:My wife and I owned a LLC. My wife bought a new car (under her name) dedicated for the LLC business used. Can we depreciate the car in the form 1065? Or is there any other way that we can claim the car depreciation in the form 1065? (e.g., can we put it as auto and truck expenses?)
This can become complicated very quickly and you should seek professional tax and legal counsel with respect to this transaction as well as your partnership (LLC) return.
In the meantime, you can read through the link below for some rough guidance.
See https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh
‎June 15, 2019
12:57 PM