I operated a Sch. C bed and breakfast (now closed) on my farm, I would like to import the assets of the bed and breakfast into my farm depreciation. Best Way?

[sw-pa-farmer]

The assets I would like to import are buildings that would take on farm functions.  There are additional assets I will convert to personal use.  Stymied on how to do this.  Convert all assets to personal and then put on the farm schedule?  "Sell" the assets to the farm?  Thanks for your help.

[TaxGuyBill · Accepted solution]

Go through the Schedule C assets and say you converted them to personal use.

After doing that, it will be helpful to go to the "All Worksheets" to print out the "Depreciation and Amortization Report" (the sideways looking spreadsheet).

If your Farm is a Sole Proprietorship on Schedule F of your personal tax return, you can then add those assets to Schedule F, using the SAME information (the original "placed in service", the original Basis, and the total "prior depreciation", including the current-year depreciation on Schedule C).

If your Farm is a corporation or partnership, let us know, as you may need to enter that differently.

[sw-pa-farmer]

Thanks for your help TaxGuyBill.  I really appreciate it -- I've been mulling over this for months.  Should have asked sooner!