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J
JennyHuff
Level 2
October 3, 2023
Question

Can I change an asset activity code?

  • October 3, 2023
  • 3 replies
  • 15 views
A farm asset ( a barn) is now an event venue, a new business. How do I move the asset?
This topic has been closed for replies.

3 replies

Skylane
SkylaneIntuit Community Champion
Intuit Community Champion
October 3, 2023

Enter the date of disposition on the old asset worksheet. Leave the sales price blank. There should not be any gain or loss.

Enter a new asset worksheet with the existing basis plus improvements, if any, linked to the new business.

If at first you don’t succeed…..find a workaround
    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    October 3, 2023

    You can move the asset to a different activity.

    Open the asset entry worksheet, then top menu bar   Forms  > Change Activity  and choose the new Sch C business

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      Skylane
      SkylaneIntuit Community Champion
      Intuit Community Champion
      October 3, 2023

      Didn’t know that was an option. Thanks 

      If at first you don’t succeed…..find a workaround
        T
        TaxGuyBill
        Level 15
        October 5, 2023

        If the barn was being depreciated using less than 39 years, make sure you adjust it to 39 years.

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