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I bought a business to add to my current corporation. Isn't the money I paid a deduction? If so where do I claim it??

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Best answer by MichaelL1

Supplies if used up in the tax year (or a minimal amount left) would be added to other supplies purchased and expensed.

The entire purchase you will need to allocate out what was paid for what.

Much you are correct, will be expensed.

The customer list however needs to be added as an asset and amortized.

Your section 197 intangible is amortized over 15 years.

Amortization is a business expense and you need to upgrade to TurboTax Self-Employed to enter this intangible asset and amortize it.

Please read this IRS document for more information:

Business Assets, go to the Asset Summary and click Add an Asset
On the next page, click the radio button next to Intangibles, Other property
On the next page. choose Amortizable Intangibles and click Continue to enter the details of the asset
TurboTax will calculate the amortization and include it in your expenses.

Employee

Generally it is an asset that was purchased. Give me more details on what was purchased, please. Thank you.

I own a swimming pool service and repair company. I bought out another company. Supplies, customer list, ect