Purchased Vehicle under my Single Member LLC - how to record if using Section 179?
after spending ample amount of time researching how to record purchasing a vehicle, i think i have somehow gotten myself more confused and have not found any simple straightforward guidelines...
Background Info:
- Purchased vehicle (over 6k lbs) on 12/23/23.
- Want to record based on section 179 and completely depreciate it in tax year 2023.
- Paid for vehicle in full with a check for $34k (no loans or trade ins)
Can someone please list step by step how to record in QB online if I am using section 179? this is what i have so far...
- Create a Fixed Asset Account (Balance Sheet) for Vehicle
- Debit Vehicle $34k, Credit Banking $34k (all on Balance Sheet)
- Create a Depreciation Expense account (Income Statement)
- Create an Accumulate Depreciation account (balance sheet)
- Debit Depreciation Expense $34k, Credit Accumulated Depreciation $34k
