I have put $67,000.00 dollars into my food truck business.
My question is can I write the 67,000 dollars off because I never got the
business up and running yet for 2012
mycpa@tjancpa.com | Window Shopper |
2/5/2013 - 11:14 am
If this $67,000 is a start-up cost then IRS limits you to expense $5,000 the
first year of business, and amortize the rest over 15 years. It appears from
your question the business was not open in 2012, in that case the $5,000 can
not be deducted until the 2013.
JGabriel | Community Moderator | 2/6/2013 - 11:54 am
mycpa@tjancpa.com | Window Shopper | 2/5/2013 - 11:14 am
first year of business, and amortize the rest over 15 years. It appears from
your question the business was not open in 2012, in that case the $5,000 can
not be deducted until the 2013.
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