Had i not elected section 179, this equipment would have taken 5 years to depreciate. The equipment will remain 100% for business use. Should i simply sell the equipment from my first business to my second business at my tax basis of $0? Or would it be more appropriate to gift the equipment to myself? How do I make the entry in turbotax?
You'll need to sign in or create an account to connect with an expert.
Your only choice it to sell it off the first business at a zero price & enter it as an asset on the other business at a zero cost.
Your only choice it to sell it off the first business at a zero price & enter it as an asset on the other business at a zero cost.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
obeteta
New Member
Confused1102
Level 1
cheeseman899
New Member
J3SS1CA
New Member
CHICATEMI
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.