D
David Ebbole
A friend investigated a business opportunity and planned on
starting the business. He got licenses and company name and
purchased assets and a vehicle.
However, he never received any payments, even though he says
he is owed money.
He closed the business in the same year he started (2003).
He sold the vehicle and either sold or converted to personal
use the other assets.
Now, the research I have done indicates he can take a
capital loss on sch D or form 4797, I'm not sure which. So,
my question is where to report the start-up costs of a
business that never really got started? Also, is the sale
of the vehicle reported on sch D or form 4797?
Thanks,
David
starting the business. He got licenses and company name and
purchased assets and a vehicle.
However, he never received any payments, even though he says
he is owed money.
He closed the business in the same year he started (2003).
He sold the vehicle and either sold or converted to personal
use the other assets.
Now, the research I have done indicates he can take a
capital loss on sch D or form 4797, I'm not sure which. So,
my question is where to report the start-up costs of a
business that never really got started? Also, is the sale
of the vehicle reported on sch D or form 4797?
Thanks,
David