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Restaurant purchase

Leanng
Level 2

Hi there,

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

Thank you

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7 Replies 7
BobKamman
Level 14

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 donโ€™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 

PATAX
Level 10

๐Ÿ‘๐ŸŒณ

Leanng
Level 2

Thank you

IRonMaN
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 | TurboTaxยฎ Support (intuit.com)

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Leanng
Level 2

Thank you IronMan

qbteachmt
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

 

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Leanng
Level 2

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

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