Level 3
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Business & farm

When you say "Open and Ready" do you mean when its receiving income even if the "business" started last year in September? I understand that if I don't elect the start up costs then I could choose to amortize up to $50,000 of costs over 15 years. If I understand correctly, I could essentially deduct the $5000 as a start up cost the first year I earn income but not the first year the business opened because I have no earned income therefore, I cannot deduct costs when there isn't earned income for the business.