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    gentleman2222's Avatar
    gentleman2222 Posts: 10, Reputation: 1
    New Member
     
    #1

    Mar 31, 2020, 08:23 PM
    Could I write off my startup expenses this year even tho I have not had any revenues?
    This question is in regard to U.S. Income Tax Laws.
    If you understand these 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)
    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!
    cdad's Avatar
    cdad Posts: 12,701, Reputation: 1438
    Internet Research Expert
     
    #2

    Apr 1, 2020, 11:35 AM
    This is something a tax professional could advise you on because it is going to vary greatly by the situation you have created.

    In general if the company / business is held seperate then it means it is to stand on its own so you having interest income does not affect your coporate tax return. Again it all matters in how everything is set up. Also there are some rules as to what can be written off as a whole vs over time as in a amortized deduction that can roll over for several years.

    Please see a professional in your area who can review what your needs are and how to apply them to your situation.

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