Posted by JHyre in Ohio on March 02, 2002 at 05:57:54:
Such expenses are “start-up” expenses and deductible ratably over five years. The five year clock starts and you take your first deduction in the first year that you/the corporation are “in business”…actually attempting to buy, sell or rent, at the least.
John Hyre
Corp Tax Question - Posted by Jeff(TX)
Posted by Jeff(TX) on March 01, 2002 at 10:12:46:
I spent quite a bit of money last year on educational materials and business expenses trying to get my real estate business going. I am forming my corporation this month and was wondering if there is a way to deduct last year’s business expenses from my corp profits this year. Otherwise I am planning on deducting those expenses from last years personal income taxes on schedule C. I would prefer to deduct from the corp because last year’s expenses won’t be much higher than the standard deduction.
Thanks in advance,
Jeff(TX)