In turbo tax Where do I put business start up costs in late 2016 for a buz i started doing business in 2017?

[PaulaM · Accepted solution]

Under your Business Profile indicate that you started/acquired your Business in 2017. After you mark the box, continue until back to the business page. Under Business Expenses you will find a category for Startup Costs.

How these expenses are handled:

Up to $5,000 of startup costs paid or incurred can be deducted if the total startup costs incurred don't exceed $50,000. An election can be made to amortize costs in excess of $5,000 over a period of 15 years.

If total startup costs exceed $50,000, the excess over $50,000 reduces the amount you may deduct. For example: If you incur $52,000 worth of startup costs, you can deduct $3,000 ($5,000 - ($52,000 - $50,000 = $2,000)) and amortize the remaining $49,000 over at least 15 years

https://turbotax.intuit.com/tax-tips/small-business-taxes/startup-business-tax-tips/L7SOyYMzr