My LLC formally started in 2017 but I have startup costs in 2016

[Ahnold]

What date do I list for the date I started/acquired the business?  The date the LLC was formally established (in 2017)?  The date of my first startup costs (in 2016)?

[WillK · Accepted solution]

Any startup costs are not deductible until the business begins operations. You can deduct $5,000 of your 2016 start up costs from 2016 on your 2017 return. Anything above and beyond $5,000 gets amortized over 180 months. Click here to read more about that: https://www.irs.gov/publications/p535/ch08.html

You would put down the date that your business started in 2017.