Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
okeefejennifer31
New Member

I started my business in 2015 and was only able to claim $5000.00 of the startup costs then. I was told by my accountant that I would be able to claim some of the balance this year. Is this so and how do I do it?

 
1 Best answer

Accepted Solutions
IsabellaG
Expert Alumni

I started my business in 2015 and was only able to claim $5000.00 of the startup costs then. I was told by my accountant that I would be able to claim some of the balance this year. Is this so and how do I do it?

Yes, you can amortize the remainder of your start-up costs over a period of 180 months (15 years).

You will be able to add these costs in  Business Assets in the Business section of your return. See the Screenshot.

  • Continue through the screens,as if you purchased an asset. On the screen Describe This Asset select Intangibles, Other property
  • In Tell Us a Little More check Amortizable intangibles
  • In Tell Us About This Asset / Large Purchase enter a description (start-up costs) and the amount and the date placed in service (the day you started your business).
  • In the next screen, say that you purchased the asset new, and you've always used it for business.
  • In Select a Code Section, enter 195 for Start-Up Costs. Select 15 years as the useful life and half year convention.

See this answer:

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
IsabellaG
Expert Alumni

I started my business in 2015 and was only able to claim $5000.00 of the startup costs then. I was told by my accountant that I would be able to claim some of the balance this year. Is this so and how do I do it?

Yes, you can amortize the remainder of your start-up costs over a period of 180 months (15 years).

You will be able to add these costs in  Business Assets in the Business section of your return. See the Screenshot.

  • Continue through the screens,as if you purchased an asset. On the screen Describe This Asset select Intangibles, Other property
  • In Tell Us a Little More check Amortizable intangibles
  • In Tell Us About This Asset / Large Purchase enter a description (start-up costs) and the amount and the date placed in service (the day you started your business).
  • In the next screen, say that you purchased the asset new, and you've always used it for business.
  • In Select a Code Section, enter 195 for Start-Up Costs. Select 15 years as the useful life and half year convention.

See this answer:

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v