Filing Business Startup Expenses

[hbasiony]

I've paid for the funding of my parents' restaurant (I provided the capital for a percentage of the income). We started working with contractors in mid-2018 but didn't actually open till end of 2019 (because of a contractor stealing equipment and money).

We were told not to submit a Schedule-C for 2018 and to only account for the startup expenses and losses when we actually open.

So should I submit those losses and theft in 2019? Turbotax seems to think that since the business was registered in 2018, we already existed?

[Critter]

OK....WE cannot file a Sch C ... what you have is a PARTNERSHIP because you have more than one member.  

A partnership form 1065 cannot be filed using the H & B version of the TT program and if you do not know how to set up the business, get the proper EIN,  keep your books  and file a form 1065 then I HIGHLY recommend you seek local professional assistance.