Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
lrhode
New Member

I closed my business and I have amortized startup costs not cleared. How can I clear them? Business started in 2014 and closed 2017. The costs amortized for 15 years.

 
1 Best answer

Accepted Solutions
MinhT
Expert Alumni

I closed my business and I have amortized startup costs not cleared. How can I clear them? Business started in 2014 and closed 2017. The costs amortized for 15 years.

If you closed your business in 2017, you can deduct the remaining unamortized start-up costs as a business expense in 2017. report them in Miscellaneous expenses and describe them Unamortized start-up costs on closing of business.

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

View solution in original post

1 Reply
MinhT
Expert Alumni

I closed my business and I have amortized startup costs not cleared. How can I clear them? Business started in 2014 and closed 2017. The costs amortized for 15 years.

If you closed your business in 2017, you can deduct the remaining unamortized start-up costs as a business expense in 2017. report them in Miscellaneous expenses and describe them Unamortized start-up costs on closing of business.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v