LenaH
Employee Tax Expert

Investors & landlords

No. You can only move assets manually from one business to another.

 

Please use last year's tax return and backup from your 2019 Schedule E to enter into your 2020 Schedule C. Put the date placed into service, cost, and useful life of the asset.

 

For the depreciation already taken, you will have to sum the 2019 year depreciation with the depreciation taken for years prior to 2019 to get to the amount of depreciation already taken as of January 1, 2020. 

 

After that is complete, please delete the asset(s) from your Schedule E.

 

@Portiasteve

@caldwell68

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"