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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?
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June 5, 2019
4:27 PM
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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]
June 5, 2019
4:27 PM
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Business & farm
Another CPA told me I should account for them as long-term capital losses, instead of Misc Expenses. Which is correct?
June 5, 2019
4:27 PM