Question

Equipment used for employer, but now only for my own business: What form to file?

Forum|Forum|7 years ago
February 24, 2019
1 reply
0 views

Previously, I depreciated equipment for use at work as a regular employee of a company through Form 4562. I quit in the middle of 2018 and am now an independent contractor. Do I move the equipment to Schedule C?

Carl11_2

Yes. Your "in service" date will be the date you first started taking depreciation on it, and that date will be before your business start date. That's okay. The program will "assume" a depreciation amount taken before your business start date. If that assumed amount is wrong (and it may be) then you can enter the correct amount of depreciation already taken and press on.