ThomasM125
Expert Alumni

Business & farm

You should keep separate track of the cost of equipment and furniture, as you will need to enter those in TurboTax as assets in the year the business is up and running. 

 

The other costs should be combined as they will need to be entered in TurboTax in the year you are up and running as start-up expenses. You can expense up to $5,000 of start up expenses if the total of them is less than $50,000. The rest needs to be amortized over 15 years.

 

You cannot deduct anything until the year you are up and running.

 

 

 

 

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