Donna1
Level 4
12-06-2019
04:58 PM
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I have a client that was an sole proprietor for January through September 2017. October 1, they incorporated as an S-Corp. February 2017 they bought a new vehicle. How do you take depreciation on the vehicle in the sole proprietorship in Pro Series? If I record the asset purchase date and then the date of incorporation, it makes the depreciation disappear because you obviously do not take depreciation on an asset that is acquired and disposed in the same year. Anyone have the situation happen to them and can provide some guidance?
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