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Personal or business loss?
I paid an architect $3000 to draw up a plan to build out a leased space to start a smoothie bar, but the deal fell through and I did not lease or intend to in the future. Can I take this off as a personal or business loss?
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June 1, 2019
10:05 AM
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Business & farm
Did you have an actual business started? Was it an expansion of a business?
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June 1, 2019
10:05 AM
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Business & farm
First time to start business, but did not happen. No paperwork ever started between me and person I would have leased from.
June 1, 2019
10:05 AM
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Business & farm
Then no, these costs are not deductible at all.
"The costs you had before making a decision to acquire or begin a specific business. These costs are personal and nondeductible. They include any costs incurred during a general search for, or preliminary investigation of, a business or investment possibility." https://www.irs.gov/publications/p535#en_US_2018_publink1000208613
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June 1, 2019
10:05 AM