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R
RMWalter
Level 1
May 12, 2023
Question

How do I enter a leased vehicle in S Corp into ProSeries

  • May 12, 2023
  • 3 replies
  • 26 views

How do I enter a leased vehicle in S Corp into ProSeries?

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3 replies

abctax55
abctax55
Level 15
May 12, 2023

Is it a capitalized lease?

HumanKind... Be Both
    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    May 12, 2023

    ABC is asking because a capitalized lease is like a loan with the asset on the balance sheet, and if not a capitalized lease you just list it as an operational expense, and the vehicle will not show up on the balance sheet.

      abctax55
      abctax55
      Level 15
      May 12, 2023

      Terry.... I was trying to 'teach the OP to fish' instead of just giving him the fish 😉

      HumanKind... Be Both
        IRonMaN
        IRonMaN
        Level 15
        May 12, 2023

        But the fish never really bite here so it’s kinda hard to teach a fishing class in this place😁

        Slava Ukraini!
          T
          TaxGuyBill
          Level 15
          May 12, 2023

          There is no vehicle worksheet like there is on the 1040.

          So you can enter the vehicle expenses on the "other" line (on that "other expense" worksheet, that is a line for automobile expenses).  The lease itself you could also put there, or put it under "rent" on page 1 of the 1120-S

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