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azclinvest
Level 1

Can we deduct business expenses incurred in 2018 even though the business wasn't officially established until 2019?

This is a small training business for which training displays and supplies were purchased.  There is no significant inventory or equipment.

1 Reply
WillK
Level 9

Can we deduct business expenses incurred in 2018 even though the business wasn't officially established until 2019?

Yes, you can deduct up to $5,000 worth of business expenses on your 2019 return that was from 2018. Anything above and beyond $5,000 for 2018 will be amortized on the return over the course of 15 years. Turbo Tax will guide you through how to report them. 

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