I changed my business from a sole proprietorship to an S corp on Jan 1, 2019. I am not sure how to handle the transfer of assets to the corporation for depreciation purposes.
I have a professional appraisal of the various assets, equipment, furniture etc. Some assets have been fully depreciated.
Must I enter each of those assets individually as they were listed on the 2018 Schedule C or can I use a lump sum for the fully depreciated items? Should I use the appraised value or the residual value from the 2018 Schedule C?
