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Level 2

Question

Restaurant purchase cost

Forum|Forum|5 years ago
March 7, 2021
3 replies
14 views

Hi there,

My partners & I purchased a restaurant business (lease, business and equipment. No real estate involved) in 2020. How do we report acquisition cost on 1065? Should we depreciate equipment and include the remaining cost in asset?

Thank you

Not A Product Question

Level 15

Did you and the seller file a form 8594 yet ? https://www.irs.gov/forms-pubs/about-form-8594

And if you have not yet set up the partnership books and don't know how then getting local professional assistance now will save you headaches and penalties later. Then also get help filing the first partnership return to get educated so you can file it yourself later.

LeanngAuthor

Level 2

We bought the location only; we don't buy their Restaurant name nor recipe. We started new restaurant with new name and new menu so we don't think we need to file 8594

Level 15

So you bought the equipment only ? Then enter the assets and depreciate them.