Report your business expenses in the year you actually start the business.
If you didn't start the business until 2020, the equipment you purchased "went into service" in 2020, valued at the lower of cost or fair market value. Non-equipment expenses incurred in 2019 for a business started in 2020 can be deducted as start-up costs.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
