mfgomes13
New Member

What form do I use to deduct personal startup costs for multi-member LLC?

My wife opened up a dance studio with another business partner in 2021 and bought half of the equipment needed to open the dance studio. Her business partner already owned enough equipment to bring half of the equipment needed. How should these expenses be accounted for? What form should I be using on our taxes? Not sure if they would normally be accounted for on a K1, but these expenses were not accounted for on that document.