Question
Truck depreciation on two Schedule C
I am using ProSeries Basic and I am trying to depreciate the same vehicle on two separate businesses. Quick background: A client had one business that he bought a truck for and closed that business in June 2021. He turned around and used that truck in an unrelated business in July. I understand that I should use the remaining basis the truck had in the old business as the new basis in the new business. It looks like the only way I can prevent the software from using full year of depreciation on the old business is by entering a disposal date of 7/1/2021 when it began being used on the new business. Are there any potential pitfalls to this solution?
