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Can someone modify the answer to question shown below on how to report remaining loss of intangible startup costs after closing a business to the forms to use for an LLC?

Forum|Forum|7 years ago
June 3, 2019
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This was answered previously.

How can I claim the remaining 12.5 yrs of amortized startup costs after my S Corporation is dissolved?

I incorporated a small business in Jun 2014. It only lasted 2 years and was dissolved in Jun 2016. I have been amortizing the startup costs over 15 years. Turbotax calculated only 6 months of amortization for 2016 (makes sense). However, can I claim the remaining 13 years of amortized start up costs? They are indeed a "loss" to the business. How do I do it even though the corporation is dissolved?

The answer is perfect for me if you can tell me what to do with an LLC instead of an S corp as far as which forms to use.

TurboTax Home & Biz Windows

Best answer by MinhT1

If any unamortized startup costs or organization costs remain on your books when your business is closed, you can deduct the balance remaining on your final return.

You report the amount of unamortized start up costs on your final form 1065 on line 20 (Other deductions) and describe it as Unamortized start-up costs at closing of company.

M

MinhT1Answer

If any unamortized startup costs or organization costs remain on your books when your business is closed, you can deduct the balance remaining on your final return.

You report the amount of unamortized start up costs on your final form 1065 on line 20 (Other deductions) and describe it as Unamortized start-up costs at closing of company.

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