Do I put my startup costs in depreciation and startup expenses?

[Anonymous]

I started my business in November 18 of 2016, or at least that is the date I got certified with the city.  I have put everything that I have bought for the business in depreciation of assets, along with items I have already owned for the business.  Do I put my startup expenses both in depreciation of assets and new business expenses?

[MargaretL · Accepted solution]

No, you would enter the start costs in start up costs section only.  Once they are entered, the amount over $5000 is automatically amortized and entered in depreciation section for you. 

Any expenses that you paid prior to starting your business will be your start up costs.  Any expenses paid while your business is operational would be your "regular" business expenses or assets.

[Anonymous]

If I started a business in the end of the year such as Nov of 2016, can I forgo claiming startup expenses and just amortized them over the next several years since I had no income in 2016?  Is it also possible to claim startup costs in the following year?