I Purchased a Business?

-I purchased a business for $100,000 in NY. I'd like to know if it is possible to claim that amount as a business expense or something like it on my 1040 Schedule C form for my taxes? Or I can't really do anything with that amount?



Legit answers only pleasethe $100000 is your investment, it represents, assets you purchased, ie. equipment, furnishings, blue sky etc and will be part of your Balance Sheet as assets

your investment is not an expense you can report on your Sch C

the assets may be eligible for depreciation or amortization which would be an expense but not the entire amount
You and the seller have to fill out matching IRS form 8594. You use the numbers from that form to show how you spent your money. Eg, inventory becomes your starting balance for cost of goods sold, amounts on fixtures can be depreciated, etc.