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?

[IsabellaG · Accepted solution]

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.

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