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MGC94
Level 7
Mar 7, 2024 10:44 PM UTC
Question

Depreciation

Opened up a 1065 partnership in 2020

Equipment (engraving machine cost $24,000)

1065 dissolved.

Opened up single member LLC 2023

Can they re-depreciate the equipment? 

This topic has been closed for replies.

2 replies

sjrcpa
Level 15
Mar 8, 2024 12:47 AM UTC

Client received that equipment as part of the dissolution of the partnership?

The more I know the more I don’t know.
MGC94
MGC94Author
Level 7
Mar 8, 2024 12:49 AM UTC

They were a couple and still are. They just aren't married. 

She kept the equipment in their home.