samuraig
New Member

I agreed with the IRS in 2016 to amortize my 2013 business startup costs over 15 years. The business is closed, so no schedule C. Where can I put the annual amount now?

 
JohnW15
Intuit Alumni

Business & farm

Since you closed your business, you‘ll need to deduct the remaining unamortized start-up costs as a business expense in the tax year that the business was closed.  You’ll report them in Miscellaneous Expenses, and describe them as long-term capital losses.

[Edited 3|16|2020 11:52 am]

 

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rgaushell
New Member

Business & farm

Another CPA told me I should account for them as long-term capital losses, instead of Misc Expenses.  Which is correct?