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abetts5
March 5, 2020
Question

If I enter items in my start up cost for my new business. Can I also enter those items under Assets?

  • March 5, 2020
  • 1 reply
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1 reply

I
Irene2805
March 5, 2020

No, not the same expenses - you can't "double-dip."  You can deduct up to $5,000 of startup costs as a current business expense.  The remainder is amortized over 180 months (as an amortized intangible).

 

 

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