DawnC
Expert Alumni

Business & farm

Yes, I did review your return and see one Schedule C with $250 in miscellaneous income.   Delete the IRC 195 (business name) form.  

 

How to delete forms in TurboTax Online

 

I deleted that form and the $250 went away.    Then I added $2500 of start up expense to that Schedule C.   Then I added a 2nd Schedule C (owner name your spouse), and added $2500 of start-up expense to that Schedule C.   After you enter the amount of the start up costs, the next screen asks how much you want to deduct.  I tested expensing it all and also deducting half and amortizing the rest with no issues.  And neither Schedule Cs has any entries in Other Misc Expenses.   

 

2 new Form IRC Section 195s will be regenerated.  Your half of the excess over $5K should go on your Schedule C as a Asset and same with your spouse.  

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

View solution in original post