- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
A franchise is an intangible asset which has to be amortized over 15 years. See this IRS document.
You can't deduct the entire cost of the franchise in the year of purchase.
Your IRA withdrawal is taxable and if you are younger than 59 1/2, also subject to the 10% early withdrawal penalty.
Unfortunately, you can't do otherwise.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 5, 2024
6:53 AM