Skip to main content
Level 3
April 1, 2025

Depreciating truck came with business

  • April 1, 2025
  • 1 reply
  • 2 views

Do you inherit the depreciation schedule of an asset when the asset comes with a business that was bought, or do you revalue the asset at its current market value and start a new depreciation schedule

    1 reply

    IRonMaN
    Level 15
    April 1, 2025

    Bought assets or bought stock?

    Slava Ukraini!
    wallacedkAuthor
    Level 3
    April 1, 2025

    The truck was included when son purchased family owned LLC

    IRonMaN
    Level 15
    April 1, 2025

    And the LLC was being reported as a schedule C, 1065, 1120, 1120S?

    Slava Ukraini!