No, you do not need the Form 6252, this is strictly for the tax return of the seller. The purchase sounds to me like you are purchasing a client list and goodwill. It's not a direct write off and will fall into one of the intangible category. See information below.
Section 197 Intangibles
- Goodwill & Going Concern: The value of a business exceeding its net identifiable assets, including reputation and customer loyalty.
- Workforce in Place: The composition and experience of the existing workforce.
- Information Bases: Customer lists, client files, or operating systems.
- Intellectual Property: Patents, copyrights, formulas, processes, designs, and know-how.
- Rights & Licenses: Government-granted licenses, permits, franchises, trademarks, and trade names.
- Covenants Not to Compete: Agreements entered into during an acquisition
It will not be a deduction in full in the year of purchase.
@kentchidester
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