@andreeank wrote:
I was told that I will not be able to claim more than $5,000 of expenses this year, they all have to be amortized over a long period.
That would be true if the expenses incurred were startup costs, but not if the expenses were incurred after the business was operational (i.e., after the partnership was open for business).
Startup costs are all eligible costs incurred before beginning to operate the business.
See https://www.irs.gov/newsroom/heres-how-businesses-can-deduct-startup-costs-from-their-federal-taxes
[Note that the difference between business assets that must be capitalized and business expenses]
