Solved
How to report transfer of S Corp vehicle to owner
S Corp single shareholder wants to transfer the company vehicle to himself.
My search resulted in many unrelated topics.
The vehicle originally cost $60K in 2019 and only $3K basis remains. I know that the FMV will be taxed at the ordinary tax rate because of depreciation recapture, but I don't know how to enter this in PS.
Entering the information in the property distributions statement on Schedule K line 16 d does nothing.
Do I record it as a sale in the dispositions section of the Asset Entry Worksheet, just as I would with any sale?
Thank you.
