General Question

gentleman2222's avatar

Could I write off my startup expenses this year even though I have not had any revenues from my startup companies?

Asked by gentleman2222 (49points) March 31st, 2020

If you understand U.S. Income Tax Laws, please kindly respond:

This year I incurred startup expenses for some companies
I am in the process of establishing. My questions are:

1) Could I write off my startup expenses this year
even though I have not had any revenues from my startup
companies? (I do have interest income this year from my bank
account) Could I wait until next year?

2) If not, could I write off these expenses when
I realize revenues from my startup companies?

Thank you kindly in advance for your answers!

Observing members: 0 Composing members: 0

3 Answers

Tropical_Willie's avatar

Contact your Tax Lawyer ! !

jca2's avatar

If you have a CPA doing your taxes, he or she should answer questions like this.

Jaxk's avatar

I’m not an accountant nor book keeper but I have started businesses in the past. My understanding is that you can carry forward losses for that business. If you accrue a loss last year you can carry it forward and apply it to revenues this year but only for that same business. Be aware that this is old information and only to be used to get you started with an accountant. Good luck with your new business.

Answer this question

Login

or

Join

to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
or
Knowledge Networking @ Fluther