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Can a fully-depreciated asset be placed into service in a new entity without a sale transfer?
I own a vehicle and have elected to take depreciation on it in my sole proprietorship. I intend to close the sole proprietorship, and continue personal use of the vehicle.
If I create a new single-member LLC, can I place the same vehicle into service in the new entity and start taking depreciation on it?
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‎November 9, 2023
8:13 PM