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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1 Best answer

Expert Alumni

May 31, 2019 10:55:10 PM

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 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:

Expert Alumni

May 31, 2019 10:55:10 PM

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 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: