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Level 1
posted Jun 3, 2019 12:32:03 PM

IRC Code Sect.174?

I am a inventor.

0 3 1426
1 Best answer
New Member
Jun 3, 2019 12:32:06 PM

These are business expenses, not personal expenses. Not knowing if you are in business, it's impossible to say if these special tax deductions are available to you. However, if you have general research and development expenses you wish to deduct in a Self-Employed business on Schedule C, the instructions are below.

Here is the relevant Tax Code: 26 U.S. Code § 174 - Research and experimental expenditures 
                         https://www.law.cornell.edu/uscode/text/26/174

The category of expense deals predominately with the amortization of certain types of research and depreciation of certain types of expense related to technical development.

https://ttlc.intuit.com/replies/5362397

3 Replies
New Member
Jun 3, 2019 12:32:04 PM

Do you have a question we can help you with?

Level 1
Jun 3, 2019 12:32:05 PM

How do I file for IRC SECTION 174?

New Member
Jun 3, 2019 12:32:06 PM

These are business expenses, not personal expenses. Not knowing if you are in business, it's impossible to say if these special tax deductions are available to you. However, if you have general research and development expenses you wish to deduct in a Self-Employed business on Schedule C, the instructions are below.

Here is the relevant Tax Code: 26 U.S. Code § 174 - Research and experimental expenditures 
                         https://www.law.cornell.edu/uscode/text/26/174

The category of expense deals predominately with the amortization of certain types of research and depreciation of certain types of expense related to technical development.

https://ttlc.intuit.com/replies/5362397