topic Yes in Business & farm

I have 2 sole proprietorship companies, 1 is a video production company, the other is the company I sell the videos thru. How do I merge the assets into the 2nd company?

londone14 — Wed, 05 Jun 2019 05:24:04 GMT

Both companies are under my SSN, and since I am no longer producing brand new videos under my production company, I just want to sell what I have already produced through my 2nd (selling) company. However, the equipment (assets) are still required for replicating from the masters to sell, so I want to transfer the assets to the 2nd company that is selling the videos?

Have you filed two Sch C's in prior years?

MichaelL1 — Wed, 05 Jun 2019 05:24:05 GMT

Have you filed two Sch C's in prior years?

Yes

londone14 — Wed, 05 Jun 2019 05:24:07 GMT

Yes

OK then this is what you need to do. You are going to fil...

MichaelL1 — Wed, 05 Jun 2019 05:24:09 GMT

OK then this is what you need to do.

You are going to file a 2018 with only one Sch C.

For 2017 you are going to need to print the detailed deprecation worksheet (it is a worksheet so not part of the return), and then you will know:

Asset description

Date acquired

depreciation taken

life used for depreciation.

of each asset from the Sch C that you will not longer use.

Then you will click on Add as asset and entry this above date in the Sch C asset entry worksheet for each asset transferred from the one sch C to the one that will still exist.

It might take a few minutes this year, however after this year, everything will be in right place for future years.