I own a couple pieces of machinery (bulldozer and backhoe-loader). I originally purchased them (used, not new) for a start-up business; I depreciated them there (sect. 179). Later I closed the business.
The machines served in personal use for a couple years. In 2024, I began another business where I will now use them.
My question: How do I treat these assets in the new business? Can I bring them over from personal use at market value, or is that not legit since they were previously depreciated fully in my prior business?
Thanks in advance for your thoughts.
Larry G
