Solved: 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?
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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?

 
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IsabellaG
Employee Tax Expert

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

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
IsabellaG
Employee Tax Expert

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

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