Sch C deprecation / shop

[MGC94]

taxpayer had a business and shut it down and opened up a new LLC 

Can I re depreciate tools under the new business? 2016-2023 snap on $25,000

Pole barn purchased $32,656 can this be depreciated code I schedule C line 13? or can I only do the square footage on line 30 for home office/shop? 

Lastly, 

Home office 10x9

Shop 40 x40 

House 4,000 sq ft 

When I am in the home office lines 1 and 2: is line 1     1690 and line 2     5600? Like I add the shop sq ft to the house? 

Thank you! 

[dkh]

when you say business was shut down, do you mean it went out of business completely or became the LLC?      

Is it a single member LLC or multi member LLC ?

Cannot start new depreciate on the tools unless Sched C business sold them to LLC .   

Is the pole barn where the business is located?   

[MGC94]

Business shut down meaning shut down EIN number and closed out with state of NJ. It was a detailing business. Now he is a mechanic. He bought a lift for the detailing and now he is using the lift for mechanic work. He did not physically re purchase them from himself. 

Single member LLC 

The pole barn is the mechanic workshop 

[Skylane]

There’s a nexus between the two businesses. More importantly, the old business wasn’t sold at FMV to the new business. Ownership is the same. You can continue the depreciation on the tools, if any remains but not start new. 

SMLLC is a disregarded entity

[TaxGuyBill]

You depreciate the LOWER of (a) the Adjusted Basis or (b) the Fair Market Value.

So if the tools were previously 'fully' depreciation, that means their Adjusted Basis is $0.