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1 old business. 1 new business. 1 vehicle
I have a rental property that I used a truck 100% for and it's fully depreciated.
I started a new business last year (schedule c) and used that truck for this new business as well as the old business.
I plan to sell the rental properties this year.
How do I do taxes so that the truck is added to my new business and fully depreciated?
And then when I sell my rental properties this year, how do I keep the truck and use it 100% for my new business but not have to recapture tax? (Because I'm using it 100% for business this whole time.)
‎July 24, 2024
3:17 PM