Equipment Depreciation

Tax Strategies
1

I bought an a excavator for my farm business back in 2019, and since it has been fully depreciated. The entity that I bought the equipment under ceased to do business in 2023..

In 2025 I created a new company. I would like to sell the excavator to the new company and be able to depreciate it under the new entity.

Am I able to do this? If so, what steps do I need to take to ensure it is done correctly.

Best Regards;

Farmer T

2

Thank you so much for the question. We answered this on our last podcast. Please check it out and we hope our comments were helpful. Mark and Mat