Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

How to remove an asset that is no longer being used in the business and was not sold

Mel2
Level 1

I am depreciating a vehicle on an S-Corporation since 2017.  For the year 2024, the vehicle is no longer being used in the business and has not been sold.  How do I remove it from the depreciation schedule ?

0 Cheers
1 Comment 1
sjrcpa
Level 15

If they still own it I would leave it on the schedule. Don't claim any depreciation expense.


The more I know the more I don’t know.