"Grant Erwin" wrote in message
news:sRetk.770$482.519@trnddc06...
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?


Make sure that when you make a part of your primary residence a
business that you don't loose the one time capitol gains tax exclusion void.

Tom