How do I post a loss on an asset that was given away?

Question

I had an auto on my corporate books that had monetary value and gave it away for nothing.

Answer 1

If you give a (depreciating) business asset away, the basis of that asset passes to the person receiving the gift.  You are deemed to have disposed of the asset for its current basis, with no loss to report.

Answer 2

Obsolete or conversion to personal use?

Obsolesence is deductible (you get to deduct the remaining adjusted basis).  Conversion to personal use isn't.

Answer 3

Depends on whether the person you gave it to was a related party.