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T
Tweety
Level 2
July 1, 2020
Question

Amortization

  • July 1, 2020
  • 4 replies
  • 13 views

Can a taxpayer take full amortization for non-tangible items in the year they end being a sole proprietor to begin an LLC?

This topic has been closed for replies.

4 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
July 1, 2020

What kind of LLC?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sjrcpa
sjrcpa
Level 15
July 1, 2020

No. The depreciable/amortizable assets move over to the LLC.

The more I know the more I don’t know.
qbteachmt
qbteachmt
Level 15
July 1, 2020

What is the nontangible item?

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C
claudetcb
Level 4
July 2, 2020

Only if there is positive net basis of the amortizable item. Recall that you have already claimed amortization expense in prior years; you cannot duplicate that by restoring the original cost of the amortizable item. That would be double dipping, and cause for an audit.

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