We are considering filing personal BK - Chapter 7 or 13 in Florida. We have an S Corp that we own that provides our sole income. We also have an RV that we purchased, (using our personal credit) in 2005. We used the RV at first for personal reasons but found that we ended up using it almost totally for business.
We want to discharge the RV on the personal side but I found out that our tax accountant has it listed on the S Corp depreciation schedule (do to the fact that we are writing off the business portion of its usage). Do I need to get it off of the SCorp depreciation schedule in order to discharge the RV (on the personal side) so as not have the finance company file suit on us on the corporate side?
Does it matter? the RV is not an asset as we are very upside down on the RV mortgage.
Thanks for your help
We want to discharge the RV on the personal side but I found out that our tax accountant has it listed on the S Corp depreciation schedule (do to the fact that we are writing off the business portion of its usage). Do I need to get it off of the SCorp depreciation schedule in order to discharge the RV (on the personal side) so as not have the finance company file suit on us on the corporate side?
Does it matter? the RV is not an asset as we are very upside down on the RV mortgage.
Thanks for your help