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Supplies if used up in the tax year (or a minimal amount left) would be added to other supplies purchased and expensed.
The entire purchase you will need to allocate out what was paid for what.
Much you are correct, will be expensed.
The customer list however needs to be added as an asset and amortized.
Your section 197 intangible is amortized over 15 years.
Amortization is a business expense and you need to upgrade to TurboTax Self-Employed to enter this intangible asset and amortize it.
Please read this IRS document for more information:
https://www.irs.gov/businesses/small-businesses-self-employed/intangibles
Supplies if used up in the tax year (or a minimal amount left) would be added to other supplies purchased and expensed.
The entire purchase you will need to allocate out what was paid for what.
Much you are correct, will be expensed.
The customer list however needs to be added as an asset and amortized.
Your section 197 intangible is amortized over 15 years.
Amortization is a business expense and you need to upgrade to TurboTax Self-Employed to enter this intangible asset and amortize it.
Please read this IRS document for more information:
https://www.irs.gov/businesses/small-businesses-self-employed/intangibles
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