I have machinery that I have acquired over the past few years before my business was officially formed. I would like to take the current fair market value and transfer them to an asset of the business. Section 179 is the only thing I see related to this, but that seems to be if you purchased the equipment in the current tax year. All of this equipment was purchased before the business was formed and over a period of multiple years.
Where do I depreciate these as business assets since I am now filing business taxes?
Thanks!
