Expensing start-up costs

[Larmil]

Is there any special way to make the election to expense $5,000 of start-up cost on the tax return? Do you simply take a deduction for start-up cost in 'other deduction' area of the return?

TIA

[taxea]

Expensing start-up costs

see Pub 17 taxea

[Brian EA]

Amortize on 4562 -- no expensing
brian

[Larmil]

Amortize on 4562

brian

Expensing is not the same thing.

[veritas]

On Page 8-18

of TTB.

How to make the election. A taxpayer chooses to currently deduct
the start-up or organizational costs by claiming the deduction
on the income tax return for the taxable year in which the business
begins. The return must be filed by the due date, including extensions.
No statement is required for taking a current deduction.
To elect to amortize the organizational costs and start-up costs
that cannot be deducted currently, attach a statement to the return
(filed by the due date including extensions) listing a description
and amount of each cost, month the business began, and the
number of months costs are being amortized. Attach a separate
statement for start-up costs and organization costs.
See Organizational and Start-Up Costs Amortization Election Statement,
Tab 24, Deluxe Edition, or Tab SB15, Small Business Edition,
for a worksheet and statement that can be used to make this
election.