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Deductions & credits
In general, startup costs must be amortized over 15 years. There is a special provision if costs are less than $50,000, that allows some of the costs to be taken as an immediate expense, but that does not seem to apply here.
I think @Anonymous_ or @AmeliesUncle might have more insight into whether there are other important tax differences between buying a business versus starting a new business.
‎July 26, 2024
7:45 AM
11,810 Views