turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Where do I record my initial investment on a partnership on form 1065.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
JulieH1
New Member

Where do I record my initial investment on a partnership on form 1065.

Start-Up Expenses are reported in aggregate - one amount equal to the total of all expenses incurred. For active business activities, these costs are entered either under Assets/Depreciation or under Business Expenses depending...

Per IRS Pub 535 Business Start-Up and Organizational Costs: "Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Any remaining costs must be amortized."

As long as your start-up expenses are less than $5000, you can add them as Business Expenses. Continue past the expense categories (or choose Other Miscellaneous Expenses) to the page titled "Enter Business Expenses Not Yet Reported" and enter the description & amount (see screenshots below - click to enlarge).

If you have more than $5000 in start-up costs, the remainder is entered under Assets/Depreciation as a capital asset for amortization (TurboTax provides this category for you).

For more information see this very thorough link.

https://ttlc.intuit.com/replies/5778960

Vicsky
New Member

Where do I record my initial investment on a partnership on form 1065.

Where do I place I'll start up fees on 1065 We had to buy furniture paint and supplies to refill the air B and B we're starting

JamesG1
Expert Alumni

Where do I record my initial investment on a partnership on form 1065.

Please see JulieH1's excellent explanation above.

 

Start up costs less than $5,000 would be expensed as an Other deduction.

 

Start up costs greater than $5,000 would be amortized and reported under Depreciation.

 

See IRS form 1065 here.

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

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question