Can you please tell me proper steps in proseries to expense the $5,000 of start up expenses and amortize the rest on a 1065? This is what I am doing in proseries according to their instructions. I Press "F6" then search IRC then press Ok, then it takes me to a page where I can elect section 195. From there it takes me to the "deemed election to amortize/deduct start up expenses." This worksheets seems to do nothing since nothing transfer over to the 1065. Seems more like for record keeping. So I followed other instructions and entered the $5,000 on page 1 line 20 "other expenses" Then proseries says that any amount over $5k I do an asset entry worksheet, to generate a 4562. Under the cost/other basis on 4562 I am assuming I put the full cost of the asset? In this case $30,000. I already expensed $5,000 so I'm wondering if I should put $25,000? Thanks, just trying to make sure I enter everything correct in the program.
