Client who works as an athletic trainer for local PT company invented a new exercise thing & is in the process of having it patented. He's incurred costs - research-developing prototype- patent attorney fees - but he has no other business activity. He's a w-2 employee. Can I deduct these costs now and if so, how? Read over Section 174 but it seems like he'd have to be in a business to use that. If I save them and he starts business later can I use as start up costs then? Any sound advice would be appreciated!
This discussion has been locked. No new contributions can be made. You may start a new discussion here
I think you're on the right track. They'll become startup costs and are amortizable.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.