I am a realtor who has established an LLC. I purchased a vehicle in 2008, 90% used for realty activities. The car was purchased in my name, however, the down payment and all payments are made from LLC cash account. How do I account for purchase and subsequent payments.

Would it be booked as an asset or as a lease on company books? How should the entries be?

Are you actually leasing this vehicle, or are you just calling it that but really purchased it outright and making payments on a loan?

No, not leasing. I personally originated a car loan but vehicle used for realty purposes mostly. While I did take out a personal loan, the down pmt and maybe 6 payments made from business cash account, I paid the loan off personally when I refinanced my home.

What is the best way to to account for this? Do I have to record car as fixed asset and depreciate (and pay personal property tax) if so, over how long a period or can I just immediately expense as lease expense. Thank you