1 old business. 1 new business. 1 vehicle

[jorge69ijk]

I have a rental property that I used a truck 100% for and it's fully depreciated.

I started a new business last year (schedule c) and used that truck for this new business as well as the old business.

I plan to sell the rental properties this year.

How do I do taxes so that the truck is added to my new business and fully depreciated?

And then when I sell my rental properties this year, how do I keep the truck and use it 100% for my new business but not have to recapture tax? (Because I'm using it 100% for business this whole time.)

[M-MTax]

You don't really have to do anything if you're a sole proprietor and aren't selling the truck.

[M-MTax]

You've fully recovered the cost of the truck through depreciation deductions so its adjusted basis is now zero. If you wind up selling the truck in the future you will report the sale on form 4797.

[jorge69ijk]

The truck is listed as an asset for the rental properties. What happens when I sell them?

[jorge69ijk]

And where would I list additional expenses like fuel, oil, and repairs??

[M-MTax]

Nothing happens when you sell the rental properties because the truck is a separate asset.

[M-MTax]

Report the fuel, etc. on Sch C if you're a sole proprietor.