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

Forum|Forum|10 months ago
August 26, 2025
2 replies
28 views

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 ?

ProSeries Professional

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.

dd4vols

Intuit Community Champion

Sometimes, easy is not so easy.

Is the vehicle titled in the name of the business? If so, is it still covered on company's insurance?

If fully depreciated, (and you didn't have some of that decades old ITC where you reduced depreciable basis), dispose of it with a $.00 selling price.

I've been known to sell the asset in the prior year (after filing return), at no gain, and THEN transfer that client to current year to begin work on it.

If you use FAM, it is easy...just right click on asset and hit delete. And make necessary general journal entries to reflect the 'abandonment'.

If an answer solves your issue, click on the "Mark as Best Answer" button! Makes it easier for people to find answers to similar questions that have already been posted.

ljr

Level 9

leave it on the assets with no depreciation. QBI deduction includes fully depreciated assets.

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