turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

kenya
New Member

Do I have to enter an amount for "start-up" costs?

I have a small business and I am being asked to enter "start-up" costs.  However, I do not have any to report as my business was started in 2015
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

Do I have to enter an amount for "start-up" costs?

No, you would have had to enter them in 2015, if you had any. There is a screen which asks if you began or ended the business in 2016. Do not check that you began in 2016 as it will look like you didn't have it in 2015. Start up costs are amortized.

For costs  paid or incurred after September 8, 2008, you can deduct a limited amount of  start-up  and organizational  costs . The  costs  that are not deducted currently can be  amortized  ratably over a 180-month  period . The  amortization period starts  with the month you begin operating your active trade or business.

View solution in original post

2 Replies

Do I have to enter an amount for "start-up" costs?

Leave blank. If the expense didnt happen this year. It wont apply to this years taxes.
Coleen3
Intuit Alumni

Do I have to enter an amount for "start-up" costs?

No, you would have had to enter them in 2015, if you had any. There is a screen which asks if you began or ended the business in 2016. Do not check that you began in 2016 as it will look like you didn't have it in 2015. Start up costs are amortized.

For costs  paid or incurred after September 8, 2008, you can deduct a limited amount of  start-up  and organizational  costs . The  costs  that are not deducted currently can be  amortized  ratably over a 180-month  period . The  amortization period starts  with the month you begin operating your active trade or business.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies