Some options
Sharing a common file between projects
The Visual Studio environment isn't really optimized for this sort of code sharing.
If you attempt to use "Add Existing Item" with a .cs file that is outside the current project's code tree, it'll happily add it, but it will copy the file to your root. You might be able to get around it by manually editing your .csproj file, but I wouldn't recommend it.
You could maybe set up your folder structure so that your two projects have folders in common, e.g. by putting the .csproj files in the same folder, or by using a symbolic link, Unix-style. Seems to me this could get very confusing, and people may accidentally delete or alter files that they didn't intend to (we used to do something like this at my work and there were a lot of "oh crap!" moments).
Either way, your source code revision history will look like a total mess, and it'll be hard to determine what changes affect which project. Your QA team may hate you for this since it'll be harder to assess risk level for any changeset.
Cut and paste
Of course you can always cut and paste code from one project to another. This is a bulletproof method and it's very clear what to expect. But you'd end up maintaining two versions of the code.
Keep separate project, but combine into one .exe
You could keep your common code in a separate DLL project for your coders to work with. When you build the project, you can use a third party tool like Fody to inject the DLL into the master executable so you end up with only one file. See this question for more information.