Restaurant purchase

[Leanng]

Hi there,

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

Thank you

[BobKamman]

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 

[IRonMaN]

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)

[qbteachmt]

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

[PATAX]

👍🌳

[Leanng]

Thank you

[Leanng]

Thank you IronMan

[Leanng]

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