Question

Tommy, an automobile mechanic employed by an auto dealership, is considering opening a fast-food franchise. if tommy decides not to acquire the fast-food franchise, any investigation expenses are?

Answer 1

Tommy, an automobile mechanic employed by an auto dealership, is considering opening a fast-food franchise. if tommy decides not to acquire the fast-food franchise, any investigation expenses are Not Deductible.

Costs to you if your business startup or hunt for a business fails fall into two categories of non-deductible:

The costs you incurred in attempting to build your business if you are a person and it is unsuccessful fall into two categories.

your out-of-pocket expenses before choosing to launch a particular business. These are non-deductible personal expenses. They consist of all expenses incurred throughout a broad search for or first investigation of a potential company venture.

The expenses you incurred when trying to buy or launch a certain firm. These expenses can be written off as a capital loss because they are capital costs of non-deductible.

Learn more about non-deductible here

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