Howard Posted January 17, 2008 Report Share Posted January 17, 2008 Hee's a new one for me, that I could use your collaborated assistance on A client/friend of mine and his business partner have spent 2K and 9K repsectively for startup costs in 2007 but his LLC did not begin until January of 2008. How does he go about recapturing his startup costs if his LLC is not required to file their 1st tax return until this time NEXT year? Can they claim their costs in TY 2008 for startup costs paid in TY 2007? Howard Quote Link to comment Share on other sites More sharing options...
jainen Posted January 17, 2008 Report Share Posted January 17, 2008 >>recapturing his startup costs<< If these expense are attributed to the LLC, is it filing as a corporation or a partnership? If they are being claimed by the individuals, do they represent employee expenses, capital contribution, or what exactly? And what were the expenses for--depreciable equipment, operating costs, organizational costs? Quote Link to comment Share on other sites More sharing options...
michaelmars Posted January 17, 2008 Report Share Posted January 17, 2008 they are start up cost which get amortized when the business begins. they will be deductible starting in 2008 Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted January 17, 2008 Report Share Posted January 17, 2008 Howard, we would need to know more about the type of expenses, before we could really answer the question. Quote Link to comment Share on other sites More sharing options...
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