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I own two sole props. How do i correctly move equipment i purchased last year under section 179 for one schedule C to my other schedule C?
Had i not elected section 179, this equipment would have taken 5 years to depreciate. The equipment will remain 100% for business use. Should i simply sell the equipment from my first business to my second business at my tax basis of $0? Or would it be more appropriate to gift the equipment to myself? How do I make the entry in turbotax?
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‎June 6, 2019
3:32 AM