Client terminated his Sch C business in 2010 and the only asset he had depreciating was his house for his home office form 8829 but now with his new Sch C business, he is using the same space in his house. So asset was not disposed of. So, do I start the house depreciation all over again with the new business, continue it under the new Sch C business except relate form 8829 now to the new Sch C business and enter all prior depreciation or some how dispose it with out actually disposing of it?
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Just curious. Did he really close out one business and then start another or just change what was being done in the business since, based on what you say, things are still in the same place of home office?
LTOnly in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut". -
I think I would continue the same 8829 and not start over. Same space being used...same deduction.
Did his first business have a DBA that he was operating under? Does the new business have a DBA? or is everything just in his name. on the schedule C?
He is still a sole proprietorship but if different types of work could warrant making 2 schedule c's. Guess you could split figures on 8829 on a per month basis.
Interesting.....may require more thought.
Linda, EAComment
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Couple changes come to mind
Business code will change and "principal business or profession" will change but basically client ended the one Sch C business in Jan 2010 and began the other also in Jan 2010. Terminating bus and new bus will be under TP ss#. I am leaning on beginning the home depeciation again with a new asset entry worksheet on the date the new Sch C started and entering the prior depreciation on the same asset entry worksheet.Comment
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I thnk Ocean has it correct.JGComment
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Yes! More like sticky fingers or sticky keys. I usually try to proof read but must have sticky eyes also.JGComment
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