Unamortized Goodwill on Closed Business Hello,
I purchased a client list for a home care company in June 2017 for $61K. I booked this as goodwill and recorded it on my 2017 income taxes as being amortized over 15 years. Unexpectedly, I decided to close the business in March 2018. My state license to provide home care services expired on 6/30/18. There are no other intangible assets associated with the business at this point.
My business is a single member LLC.
I've been researching section 197 but was hoping for clarification. Would I write off the remaining unamortized goodwill ($59K at this point after amortizing $2K on my 2017 return) on my 2018 tax return?
Thank you in advance for any responses. |