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RoyS976
Level 3
April 22, 2020
Solved

change in amortization method, dollar limit

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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BobKamman
BobKammanAnswer
Level 15
April 23, 2020

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

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3 replies

sjrcpa
sjrcpa
Level 15
April 22, 2020

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)?

 

The more I know the more I don’t know.
RoyS976Author
Level 3
April 22, 2020

Milk Quota.  it's an intangible asset that farmers purchase/sell to others to raise the price paid for their product.

BobKamman
BobKammanAnswer
Level 15
April 23, 2020

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

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