Congratulations wubeibei on your new S-Corp!
I'm assuming you are purchasing an ongoing concern and will begin/continue operations immediately after the sale closing.
Start up costs must be amortized over 15 years. If your start up costs are less than $50,000 it may qualify for a a special provision which would allow some of the costs (up to $5,000) be deducted as an immediate expense with the balance being amortized over 15 years.
You would also need to look at the income earned in your S-Corp for TY 2024 and what is the projected income for TY2025.
This can be a complicated situation that can benefit from sitting down with a good tax professional to review your specific situation.
The IRS has a great resource for business owners that discusses all the tax aspects. It can be found here:
IRS small business owner tax center
Also you may want to review the rules regarding start up expenses found here on the Turbo Tax link:
Turbo tax start up costs
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