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.
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
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.
If the barn was being depreciated using less than 39 years, make sure you adjust it to 39 years.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.