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January 3, 2024
Question

Vehicle Depreciation & Disposition

  • January 3, 2024
  • 1 reply
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We have a company vehicle that is used 51% for business but also for the owners personal use at 49%. The vehicle is 6 years old and has only been depreciated by business use % so there is still an amount left to depreciate. The owner will no longer use it for the business and will now take it over as a personal use only with $0 exchanged. There is also a small loan amount that owner will take over on his own. I also have not entered deprecation for 2023, which also needs to be recorded. How do I record disposition and depreciation on the company Quickbooks as of 12/14/2023 for the following currently: 

Vehicle Asset $80,548.00

Accumulated Depreciation -$30541.28

Loan balance $7516

1 reply

Rainflurry
January 4, 2024

@HHI2024 

 

Is $80,548.00 the entire cost of the new vehicle?  If so, what entry put that on the books?  Was it the total of the down payment plus the amount financed?  Did the owner report the personal use as income?  

HHI2024Author
January 4, 2024
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