Do I need to title my car in the LLC name in order to write off depreciation costs?

posted

If your LLC is single-member (or husband & wife in a community property state) and you're reporting income & expenses on Schedule C as a disregarded entity, then the vehicle does not have to be in the LLC name for you to take depreciation. In effect, you are the LLC for tax reporting.

I just finished the basement for my rental property. If I depreciate the basement at 27.5 years, but add the furniture, appliances and carpet as a separate asset to depreciate at 5 years, can I do this myself without formal cost segregation study?

in Investors & landlords

Expert does your taxes

Do it yourself

Resources

Support

Do I need to title my car in the LLC name in order to write off depreciation costs?

Do I need to title my car in the LLC name in order to write off depreciation costs?

Do I need to title my car in the LLC name in order to write off depreciation costs?

Do I need to title my car in the LLC name in order to write off depreciation costs?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

Do I need to title my car in the LLC name in order to write off depreciation costs?

Do you have an Intuit account?

Do I need to title my car in the LLC name in order to write off depreciation costs?

Do I need to title my car in the LLC name in order to write off depreciation costs?

Do I need to title my car in the LLC name in order to write off depreciation costs?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert