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Deducting amortization of start-up costs
Started my tax return and am not sure where to enter the amortization for 2016 on the Schedule C. Reviewing all the sections right now but am stuck.
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Deducting amortization of start-up costs
This is a great answer from Super User Carl:
In the Business Assets section, check first that there's nothing in that list already for your startup costs. Assuming there's not, start entering your new asset (for your startup costs)
Click the Add An Asset button, select Intangibles, Other Property and continue.
Select Amortizable Intangibles, continue.
label it "Start-Up Costs", enter your entire amount, and the date needs to be the date your business opened, or one day after if fine. Continue.
Purchased new, and yes, used 100% for business. Continue.
Code section is 195: Business Startup Cost. Continue.
useful life is 15 years. (Timeframe specified/mandated by IRS for startup costs) Continue.
Look at the details if desired. Click continue and that does it.
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