Can I change an asset activity code?

[JennyHuff]

A farm asset ( a barn) is now an event venue, a new business. How do I move the asset?

[Skylane]

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.

[Just-Lisa-Now-]

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

[Skylane]

Didn’t know that was an option. Thanks 

[Taxes-by-Rocky]

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]

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