Grant Erwin wrote:

I have had a large hobby metal shop for a long time. I have recently begun
operating as a small business out of my home shop. I have never deducted
anything (yet) from my taxes.

I want to know the mechanics of transferring assets to my business and then
depreciating or writing them off. There is lots of information out there on
how to depreciate assets purchased new, but little on my situation. For
example, I have an older but fully rebuilt Bridgeport mill which would
probably sell for about $4k right now. Can I transfer the asset to my
business and depreciate that over seven years?

Thanks,

Grant

You need to talk to an accountant. If you've been operating a business
without paying taxes you already have problems. It's not just a function
of deductions, there are also self employment taxes that those
deductions go against.