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.
1. Once you transfer the previously used vehicle from one business (1) to another (2), do you have to continue to use the same method of expensing the vehicle business miles? For instance, if the vehicle was fully depreciated by the first business using the actual method, do you have to continue to use the actual method of vehicle business expenses under the 2nd business or you could use the standard mileage method, as this would be the 1st year for this (already depreciated) vehicle under the new business and the actual method may not make a lot of sense anymore, as the vehicle has been already fully depreciated?
@JamesD90 wrote:1. Once you transfer the previously used vehicle from one business (1) to another (2), do you have to continue to use the same method of expensing the vehicle business miles?
If they are both self-employed businesses on Schedule C or F, yes, you must continue the same method.