I recently made a sizable purchase of source code for a website. The source code was written by myself and a friend. I started with an equity interest in the business, but it didn't work out. I recently came up with another idea for a business and used money earned from consulting work to purchase the source code in full so that I can repurpose it for my new idea. I paid a few thousand dollars for this source code. I'm curious what options I have for a tax deduction.
2007-11-23 03:29:57 · 3 answers · asked by nljth123 3 in Business & Finance ➔ Taxes ➔ United States
It would appear from your description of the events that you would be allowed to expense the purchase in this "property" you call a "source code". Without any specific information about the "source code" I would consider amortizing the expense for 15 years.
2007-11-23 03:50:07 · answer #1 · answered by ? 6 · 1⤊ 2⤋
honest does no longer recommend equivalent. they don't look synonyms. as an get jointly, I surely have 2 little ones. They both favor new clothing. If i purchase them both an similar length, which could be equivalent, yet no longer honest as my youngster-elderly son can not placed on my 8 three hundred and sixty 5 days previous daughter's clothing. earnings tax isn't a punishment. it truly is paying to save the society operating. The extra you're making, the further you take advantage of society, the further reason you should opt for to ensure it truly is triumphant, and extremely certainly the further you should assist keep up it. in case you opt for equivalent, check out it this kind. there's a particular quantity of money contained in the country. the wealthy have a larger percentage of it. So it truly is honest they pay a larger percentage of taxes. top? it truly is honest.
2016-10-24 23:06:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Software is treated as an intangible asset and is amortized over a 3 (not 15) year period.
2007-11-23 04:35:45 · answer #3 · answered by Bostonian In MO 7 · 4⤊ 0⤋