in Education
2020, I started new self employment business and amortized start up costs(180 month/15 years).
I need to write amortized start up cost (12 month) for 2021 tax return. However, I cannot find anywhere to add this information.
Please give me advice where can I add amortized start up cost each year.
Thankfully,
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If you used TurboTax for your 2020 tax return, then the amortization should have automatically been imported into your 2021 tax return.
Otherwise, you will put the amortization information in the Assets section of your Schedule C. As you go through that section to enter the details of the startup costs, choose the Intangibles, Other Property and Amortizable Intangibles categories. This will put you on the right track for entering the details of your start-up cost amortization.
Thank you for giving me advice.
I filed 2020 tax return from program.
I really wish I could transfer my 2020 tax return information.
I followed your information.
I put the amortization information in the Assets section of your Schedule C.
I went through Intangibles, Other property→Amortizable intangibles→Recoverd Period(15.0)→MACRS Convention (half year or Quater year)
However, when federal revew, They asked me to revew "Date aquaired" and "Special Depr Allowance" "AMT Special Depr Allow". these makes me more confusing.
Please give me advice.
Also, how can I transfer my 2020 tax return from other program?
Did you have any business Income in 2020 or 2021? No income = no deductions ...
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