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Nancy100
Level 2
April 27, 2021
Question

Business vehicle purchased and sold in one year

  • April 27, 2021
  • 1 reply
  • 0 views

I have a client who purchased a plow truck in January for $3000 and sold it in October for $2000.  Is it the correct procedure to go ahead and fill out the car and truck worksheet? Should he take depreciation on it since it was purchased and sold in the same year at a loss? Please let me know how you would handle it.  Thanks!

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1 reply

IRonMaN
IRonMaN
Level 15
April 27, 2021

Enter all of the detail into the software, including the sale, and see what happens.

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