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Business & farm
Thanks. I've seen @Rick19744 help with answers, but nothing on this specifically (at least that I've found). It sounds like the assets would need to be treated as converted to personal use and, if so, I know form 4797 needs to be completed, but I'm not sure how to account for it in terms of the amount of 7 year accelerated depreciation through section 179. I also haven't found anything on continuation as a SP and, if that avoids form 4797, how to correctly account for it in TurboTax and on forms.
‎June 12, 2022
7:00 AM