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Old 12-19-2018, 06:03 PM
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Join Date: Dec 2018
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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.



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