Level 3

Question

Restaurant purchase

Forum|Forum|5 years ago
March 6, 2021
7 replies
25 views

Hi there,

My partners & I purchased a restaurant business in 2020. How do we report acquisition cost on 1065?

Thank you

ProSeries Professional

This topic has been closed for replies.

Level 15

This is a place where tax professionals who have nothing to sell but their knowledge, come to share thoughts with others in the same business. We are very busy now and don’t have time to give free advice. But since you obviously have Internet skills, you will have no problem finding the answer at irs.gov

Level 12

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Level 15

Kinda depends on what you acquired. But as a side note, everybody works for free at the link below

Tax Discussion Forum: Federal Tax Q&A | TurboTax® Support (intuit.com)

Slava Ukraini!

LeanngAuthor

Level 3

Thank you IronMan

Level 15

First, you have to understand what you "bought."

Real Estate?

Existing entity?

Operating business assets/liabilities?

"How do we report acquisition cost on 1065?"

That's why it depends on what you bought:

https://www.irs.gov/taxtopics/tc703

https://www.irs.gov/forms-pubs/about-publication-551

Don't yell at us; we're volunteers

LeanngAuthor

Level 3

We purchased restaurant business from previous owner, including lease & equipment (no real estate)