I started a new business by purchasing a business in May 2023 for 208,000. Where do I deduct the expense of the new business. I assumed to expense was a startup cost. But after reading posts I am not sure anymore. Can I expense the first 5000 and amortize the remainder or do I need to amortize the entire 208K? What does the statement that "the amount over 50,000 reduces the amount I can expense or amortize" mean? Thanks
