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Taxi medallions depreciation

  • 1.  Taxi medallions depreciation

    Posted 02-18-2019 13:15
    Hello all!  Hope you're having a productive tax season.

    Does anyone know about Chicago taxi medallions?

    I have a client who owns lots of NYC medallions (Big problem financially!).  He also owns a few Chicago medallions which were being handled by another accountant.  He just turned the Chicago medallion corporations over to me.

    Having some experience in NYC medallions I know that they are not depreciated or amortized as they are a life long license.  However, I see that the Chicago medallions were being depreciated.  Is there something different about Chicago medallions that would allow for depreciation/amortization?  I've read some of the material on the City of Chicago website and I'm not finding any indication that the medallions are amortizable.

    Thanks for your help.

    Frimette
    646-820-2885
    bsfstax@gmail.com or fkscpa@yahoo.com

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    Frimette Kass PHD
    Frimette Kass CPA
    Brooklyn NY
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