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Business & farm
Yes, you can report the expenses in 2020.
The business start date determines whether operating expenses are deductible in the current tax year or whether the expenses must be capitalized.
These capitalized expenses are considered to be start up costs. You may elect to deduct up to $5,000 in startup costs in 2020.
Expenses beyond that must be amortized over 180 months. You would enter these amounts as an asset and amortize them.
(TurboTax provides this category for you).
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‎February 16, 2020
9:59 AM