Sole Proprietorship - Schedule C
Sole Proprietorship purchase - cost basis for the individual assets
Answer:
Although you purchased a sole proprietorship for 1 amount, that amount must be allocated to the individual assets for depreciation purposes.
Allocation is based on the proportion of the sales price to an individual assets fair market value at the time of the sale. Speak to your local CPA about the allocation formulas.
Allocation is based on the proportion of the sales price to an individual assets fair market value at the time of the sale. Speak to your local CPA about the allocation formulas.