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How do I transfer a vehicle from one business to another business? i own both businesses.
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How do I transfer a vehicle from one business to another business? i own both businesses.
Unfortunately, there is no direct way to transfer an asset from one business to another. Instead, you need to report that you stopped using the vehicle on one business, then enter it as a "new" asset on the other business.
Be sure you have a record of all deprecation and/or mileage deductions taken for the vehicle on prior returns. You'll need that information when you add it to the second business.
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