TAXMAN Posted September 9, 2014 Report Share Posted September 9, 2014 Hi all. TP borrowed $ in 2012 to buy equipment and fix building. TP paid int in 2012 but did not get business open untill 2013. Can I deduct int in 2012 or must I allocate the int to the building and equipment for dep in 2013 or amortize the int starting in 2013? my brain is in a fog this am. Manny thanks. Business was not open in 2012. Quote Link to comment Share on other sites More sharing options...
Pacun Posted September 9, 2014 Report Share Posted September 9, 2014 Nothing wrong with amortizing it, BUT you might be able to use 5K as startup costs. Quote Link to comment Share on other sites More sharing options...
Lee B Posted September 9, 2014 Report Share Posted September 9, 2014 I would capitalize the 2012 interest. Quote Link to comment Share on other sites More sharing options...
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