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M
molmedo
December 3, 2021
Question

HOW DO I REPORT VEHICLE PURCHASED FOR S CORP FOR $73,000 DOWN PAYMENT WAS $35,000

  • December 3, 2021
  • 3 replies
  • 0 views
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    3 replies

    Critter-3
    Critter-3
    December 3, 2021

    The vehicle is entered as an ASSET on the 1120S.

    Carl11_2
    Carl11_2
    Employee
    December 4, 2021

    You may need to define if purchase "for" S-Corp, or purchased "by" S-Corp. Who or what entity the vehicle is titled to, can matter here.

     

    A
    Anonymous_
    Employee
    December 4, 2021

    If you are using TurboTax Business, you will initially want to indicate the status of the S corporation's use of the vehicle in the Business Info section (see screenshots).

     

    11111.png1.png

     

     

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