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QUESTION DETAIL
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I have a client that is trying to start up a series of sport camps. He has travel, education, and vehicle expenses, but no income. Should I capitalize these expenses and elect to write off $5,000 and amortize the rest over a 180 month period?
ANSWER
The BIDaWIZ Team's Answer:
Yes, you should capitalize these expenses and amortize them over a 180 month period as per Section 195 of the internal revenue code. You can elect the amortization by completing form 4562.
