A bread route is considered as a Section 197 intangible by the IRS. The cost has to be capitalized and amortized over 15 years.
Please read this IRS document for more information:
https://www.irs.gov/businesses/small-businesses-self-employed/intangibles
A bread route is considered as a Section 197 intangible by the IRS. The cost has to be capitalized and amortized over 15 years.
Please read this IRS document for more information:
https://www.irs.gov/businesses/small-businesses-self-employed/intangibles
I did not amortize my bread route the last 2 years, I am interested in doing it i know it is under 197 but what do i do for the last 2 years? do i have to file an amended return? thanks for your help
Yes, file amended returns for the years in question. You can amend both years using TurboTax. If you are using TurboTax Online,
To amend your 2019 return, follow the same process as above.
Note: Any changes you make to amend your federal return will automatically be transferred over to your state return. If you’re already amending your federal, you don’t have to make any changes to your state, unless you’re making state-specific changes.