AnmarieA
Level 5
08-31-2023
02:56 PM
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When a business vehicle is sold for a loss which we already established is a deductible business loss based on a previous chat. I just found out that the vehicle was on only used 90% for business and 10% personal but the entire asset was recorded on the 1120S books. Is only 90% of the loss deductible as a business expense? The Proconnect software does not appear to be calculating the loss correctly from my review. I am having difficulty making the business loss work as reported on the Shareholder's K-1. I don't like overriding the software whenever possible.
Thanks in advance for your assistance.