Can I move an asset in my depreciation schedule from Schedule F to Schedule C without deleting and re-adding the asset?

FiveRow · ‎April 15, 2022

An asset that is no longer used on the farm, but is still used in the business need to be removed from Schedule F and added to Schedule C.

DianeW777 · ‎April 15, 2022

No. You should write down all the details, date placed in service, cost, prior depreciation (TurboTax should calculate automatically but just so you have it).

Then delete you asset in the Farm and enter it into the Schedule C business. Use the same date placed in service so that the prior depreciation remains in tact. This cannot be changed when it's the same owner.

Please update here if you have more questions or need further assistance and one of our tax experts will help you.

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DianeW777 · ‎April 15, 2022

No. You should write down all the details, date placed in service, cost, prior depreciation (TurboTax should calculate automatically but just so you have it).

Then delete you asset in the Farm and enter it into the Schedule C business. Use the same date placed in service so that the prior depreciation remains in tact. This cannot be changed when it's the same owner.

Please update here if you have more questions or need further assistance and one of our tax experts will help you.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Can I move an asset in my depreciation schedule from Schedule F to Schedule C without deleting and re-adding the asset?