As a follow-up to my question about Expenses For an Unsuccessful Business: I had a web business I worked on for three years. During that time I filed a Schedule C and deducted my expenses. I quit before ever earning any revenue.
Year 1: Deducted various expenses.
Year 2: Deducted various expenses. Purchased a domain name for $3000. Amortized cost over 15 years and took deduction of $95 (calculated by Turbotax).
Year 3: quit working on business (mid-year). Deducted various expenses. Took deduction for amortized cost of domain name of $217 (calculated by Turbotax).
Now I'm in Year 4. I no longer work on the business, but still own the domain name, which I'd like to keep in case I ever start it up again. Should I somehow recapture the $312 ($95 +$ 217) in deductions I've previously taken?
