Sale of Company Vehicle

Create in the chart of accounts an income account called, gain/loss on asset sales
then a journal entry, debit gain/loss and credit the fixed asset account for 7,000
deposit the funds received and use the gain/loss account as the source account for the deposit

Taking depreciation each year is optional. But now there is a problem. The IRS requires that depreciation be used to determine the book cost of the fixed asset. I can not help with this, suggest you get with a tax accountant to find out how to enter depreciation for the tax sale for the years the asset was owned and used

Thank you Rustler,

   Thanks for pointing out your depreciation knowledge. I have been learning and digging today and realized TurboTax did the depreciation for me all these years. I already entered it into qbo. Now I need to figure out how to use the 6,067 depreciation value into the sale. Thanks again for your help!

I figured out my depreciation. Total depreciation amount was 6,067. 

Does this look correct?

Please see attached picture.

@T49ers68 

If you filed your taxes and took the proper depreciation but just forgot to enter it in your books, then go back and make adjusting entries for each year so your books match your tax return. The entry is a debit to depreciation expense and a credit to accumulated depreciation.  After those are entered, you should have $6,067 sitting in accumulated depreciation.  To record the sale of the truck, the journal entry would look like this: