turbomoeller
Returning Member

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?