RoyS976
Level 3
04-22-2020
01:48 PM
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my client never amortized an asset (about 200,000) acquired in 2004. I believe I will have to file form 3115 but is there a dollar limit on what can be deducted in the current year?
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sjrcpa
Level 15
04-22-2020
06:26 PM
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No, but:
What kind of asset?
Are you sure the change can be made this year?
If yes, is it an automatic change? Or do you need IRS permission (along with attendant user fee)?
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RoyS976
Level 3
04-22-2020
06:28 PM
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Milk Quota. it's an intangible asset that farmers purchase/sell to others to raise the price paid for their product.
BobKamman
Level 15
04-22-2020
10:40 PM
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I don't think the answers have changed much since last month.
https://proconnect.intuit.com/community/lacerte-discussions/discussion/milk-quota/01/65156#M12706
