Start Up Costs (2024)

• TurboTax Home & Biz Windows

‎February 9, 202412:51 PM

if the business was active in 2023, since the SUE were less than $50K you can deduct $5000 in 2023 and amortize the balance over 180 months starting with the month the business began. the fact the business had no revenue is irrelevant. The $5K + amortization will offset other income on your return.

To clarify, $5000 deduction for what?

@jemmadky

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Additional questions:

• Did you actually begin your trade or business?
  • Did you advertise for potential customers
  • Did you attempt other marketing to potential customers
  • Did you have sales but just were not paid in 2023

*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

if the business was active in 2023, since the SUE were less than $50K you can deduct $5000 in 2023 and amortize the balance over 180 months starting with the month the business began. the fact the business had no revenue is irrelevant. The $5K + amortization will offset other income on your return.