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I purchased a smaller window cleaner's accounts. How do I enter that purchase price?

Forum|Forum|7 years ago
June 6, 2019
1 reply
29 views

No text available

TurboTax Self Employed Online

Best answer by MarilynG

You could enter the cost of purchasing the business accounts as an Asset in the Business Expenses section (screenshot).

Choose 'Intangibles, Other Property' for Asset Type.

Select 'Amortizable Intangibles' if you want to deduct the cost of the business over 5 years as a 'Start Up Cost', or, if you started using the accounts in 2017, you can select 'Other' and have several choices of how you can deduct the expense (screenshot).

You can also deduct up to $5,000 in 'Other Miscellaneous Expenses' and enter the balance (if over $5,000) as an Amortizable Asset.

Here's more info:

https://ttlc.intuit.com/replies/5146525

Alumni - Intuit

You could enter the cost of purchasing the business accounts as an Asset in the Business Expenses section (screenshot).

Choose 'Intangibles, Other Property' for Asset Type.

Select 'Amortizable Intangibles' if you want to deduct the cost of the business over 5 years as a 'Start Up Cost', or, if you started using the accounts in 2017, you can select 'Other' and have several choices of how you can deduct the expense (screenshot).

You can also deduct up to $5,000 in 'Other Miscellaneous Expenses' and enter the balance (if over $5,000) as an Amortizable Asset.

Here's more info:

https://ttlc.intuit.com/replies/5146525

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