For the last decade, in addition to my W2/salaried job I have had two side businesses (Schedule C/Sole Proprietor) which are somewhat related. I get 1099-MISC forms from clients.
I would like to combine the two into one, in effect “selling” one (and its assets) to the other. TurboTax has all of the historical data for both of these. One of the businesses has an asset that is being depreciated over a few years (instead of taking Section 179), and that’s really the only complication.
Is this as simple as copying all of the assets from Business B into Business A, including the non-179 asset? For that non-179 asset, would I just add it using the original date-of-service?
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You're definitely on the right track here. On the one depreciating asset, just make sure you get the prior depreciation entered in correctly and use the original date of service.
All other depreciated assets are really just being transferred over for if/when they ever get sold to report a gain on disposal.
You're definitely on the right track here. On the one depreciating asset, just make sure you get the prior depreciation entered in correctly and use the original date of service.
All other depreciated assets are really just being transferred over for if/when they ever get sold to report a gain on disposal.
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