JennyHuff
Level 1
10-02-2023
09:55 PM
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A farm asset ( a barn) is now an event venue, a new business. How do I move the asset?
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5 Comments 5
Level 11
10-03-2023
08:02 AM
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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
Level 15
10-03-2023
08:26 AM
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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♥¸¸.•*¨*•♫♪
Taxes-by-Rocky
Level 7
10-03-2023
12:17 PM
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I have to ask....does that really work correctly? Presumably, depreciation does not restart? Thanks in advance....good find if it works and the option 'button' should be right on the top of the form....rather than in the menu.
TaxGuyBill
Level 15
10-04-2023
11:54 PM
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If the barn was being depreciated using less than 39 years, make sure you adjust it to 39 years.