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kassy6319
New Member

Do I have to submit a IRC Section 195(b)(1) form if I drove for lyft and didn't have any initial start up costs?

I had other costs that attributed like cell phone payments, cleaning supplies, car supplies, but I'm not sure that those count as the start up costs.
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4 Replies

Do I have to submit a IRC Section 195(b)(1) form if I drove for lyft and didn't have any initial start up costs?

No, these are not start up costs, there are just expenses of your business.

Do I have to submit a IRC Section 195(b)(1) form if I drove for lyft and didn't have any initial start up costs?

start-up costs are those incurred before you actually begin your business activity.

The term “start-up expenditure” means any amount—
(A)paid or incurred in connection with—
(i)investigating the creation or acquisition of an active trade or business, or
(ii)creating an active trade or business, or
(iii)any activity engaged in for profit and for the production of income before the day on which the active trade or business begins, in anticipation of such activity becoming an active trade or business,
 
even if those are start-up costs there is no election or form to be submitted with your return. the election to deduct start-up expenses in accordance  with section 195 is automatic
kassy6319
New Member

Do I have to submit a IRC Section 195(b)(1) form if I drove for lyft and didn't have any initial start up costs?

I did read all that portion online, but for some reason my tax form was requiring me to submit info on an IRC 195 B 1 

Do I have to submit a IRC Section 195(b)(1) form if I drove for lyft and didn't have any initial start up costs?

Did you access Startup costs under Asets and depreciation?  Did you add a vehicle with an in-service date prior to the business start up date? If you did either of these, delete your Schedule C and start over. Just enter your expenses under the Expenses tab. Your vehicle can't be placed in service prior the start of the business.

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