40% partial business use of Asset in balance sheet

[S-Corp]

I reported the full asset price of the personal car ,and then defined 40% business use. However, I see in the balance sheet Turbotax Business generates, the asset cost being defaulted rather than the depreciable cost (40% of asset value). Is it correct? Shoud I override and move forward?

[ThomasM125]

It is correct, the percentage of use is for calculating depreciation, but for balance sheet purposes the full cost of the vehicle will be listed.

[S-Corp]

@ThomasM125 so, if I understand your response fully: if I bought the car using a personal check, should the S-corp owe the owner(me) for the entire cost of the vehicle, even though only 40% of the usage is for business purpose? Otherwise, liabilities would not match the asset totals.

[S-Corp]

Does any one know whether what Turbotax Business does is correct -  including in the balance sheet the total value of the asset and it liability (when bought using personal checking account) for the partial business use vehicle?

[Mike9241]

which name is on the title yours or the S-Corp? 

[S-Corp]

My name not the S-corp's name.

[AmeliesUncle · Accepted solution]

So you are saying the corporation doesn't own the vehicle and didn't pay for the vehicle??? 

If so, it doesn't belong on the corporate tax return.

I *HIGHLY* recommend going to a good tax professional for the corporate tax return.