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seskier
New Member

Startup Costs on Qualified Joint Venture Issue

We are filing separate Schedule Cs for our QJV on our jointly filed 1040, but when I put 50% of startup costs in each, it only appears in one of the Schedule Cs. How do I get it to be in both and calculate, correctly? Is it because the total of the startup costs is higher than $5000?

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3 Replies
JohnB5677
Expert Alumni

Startup Costs on Qualified Joint Venture Issue

I don't think the $5,000 is the issue.  It may be that you labeled both Start-Up Costs the same.

 

How to list startup costs for a business

  1. Select Intangibles, 
  2. Other property on the Describe 
  3. This Asset page.
  4. Select Amortizable intangibles on the Tell Us a Little More page.
  5. Type Startup Costs as the description, then the cost remaining to be amortized and the date you opened for business.

In step 5 make one Startup Cost 1, and the other Startup Cost 2, or some variation of that.

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seskier
New Member

Startup Costs on Qualified Joint Venture Issue

I’m using Home & Business CD and I don’t see those options. The only thing I can change is Business Description to differentiate the split of the business between me and my wife. Is that it?

ThomasM125
Expert Alumni

Startup Costs on Qualified Joint Venture Issue

The expense limit on startup expenses is $5,000, so you can't list more than $5,000 total between the two of you. The remaining startup expenses after you have used up the $5,000 allowance is set up as an intangible asset in the asset and depreciation section and written off over 15 year as explained by @JohnB5677.

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