Are these domain names deductible as start up business expenses?
I purchased 2 domain names during the start up period of my business. I changed the business and the name so I purchased a new domain, but it is the same LLC. Just a different name and service/product. Can I still write off the 2 domain names that I purchased before the change as expenses?
Public Comments
- yes apparently one was a bad investment
- No. The domain names are intangible assets under IRC section 197. The costs must be amortized. Another LLC owner who thinks tax compliance is a do-it-yourself project. Not so much.
- i think yes.............. Start-up costs are costs for setting up or investigating the creation or acquisition ... You generally deduct a cost as a current business expense by subtracting it from ... The remainder of these expenditures may be deducted over the 180-month ... or for similar professional services;
- yes form an llc in your state at http://formanllcin.com cheaper than legalzoom
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