A couple of things ... the amount that's written on as depreciation for the time that the truck used for business won't change ... You'll just need to adjust for the tme that it's not in service for the tax year.
Because an S-corp is a pass-through (just as a partnership, sole proprietorship or LLC) that depreciation was flowing through to you on your 1040 already (as a lowering of taxable profit or adding to a loss, depending on your business for the year)
Only C-Crops and Irrevocable trusts actually pay their own taxes (at corporation and trust brackets and rates, respectively)
So buying the truck from the corporation does a couple of things ...
(1) removes it from the corporation and becomes a personal asset
but (2) now, you can only depreciate based on whatever percentage you use it for business
I still don't see you coming into the chat, so I'll move us to the "Questions and Answer" ... maybe that will help (We can still continue a dialogue there, just not in real-time as we can here)
If you would, let me know a little more about what your trying to accomplish.
For example are there other S-Corp shareholders?... (so that you are buying it from the other shareholders)
Maybe we can work through this some more.
But if you ARE the only shareholder, then as far as IRS is concerned, you already own the truck, and by removing it from the business, you' re just making it a little harder to prove any business use, hence depreciation.
Let me know
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