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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.
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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