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mightyjoeold13
New Member

I bought a Hobby Business from a woman in December for 2,000, but she hasn't been able to find this tax code I need to get a business license so I don't actually have the business yet even though I own it - if that makes sense. I don't know how or even if

 
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IsabellaG
Employee Tax Expert

I bought a Hobby Business from a woman in December for 2,000, but she hasn't been able to find this tax code I need to get a business license so I don't actually have the business yet even though I own it - if that makes sense. I don't know how or even if

Unless you were actively open for business in 2016, you weren't in business yet. When you do open for business, you may be able to claim some of your 2016 costs as Start-Up Costs.

See this link for more information:https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Startup-Business-Tax-Tips/INF277... 

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IsabellaG
Employee Tax Expert

I bought a Hobby Business from a woman in December for 2,000, but she hasn't been able to find this tax code I need to get a business license so I don't actually have the business yet even though I own it - if that makes sense. I don't know how or even if

Unless you were actively open for business in 2016, you weren't in business yet. When you do open for business, you may be able to claim some of your 2016 costs as Start-Up Costs.

See this link for more information:https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Startup-Business-Tax-Tips/INF277... 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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