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    ecljd's Avatar
    ecljd Posts: 2, Reputation: 1
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    #1

    Feb 29, 2008, 02:38 PM
    Losses on Anticipated Income
    Can you claim a loss on your taxes for anticipated income for a service you performed if all you did was spend hours producing a final product. Are you allowed to set your own value to your time and write that amount off as a loss on your taxes.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Apr 16, 2008, 02:16 PM
    Negative.
    delite's Avatar
    delite Posts: 202, Reputation: 3
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    #3

    Apr 16, 2008, 08:59 PM
    Quote Originally Posted by ecljd
    Can you claim a loss on your taxes for anticipated income for a service you performed if all you did was spend hours producing a final product. Are you allowed to set your own value to your time and write that amount off as a loss on your taxes.
    Generally cannot take a loss on anticpated earings. For service you perform, will be charged in absence of an agreement, you cost plus a reasonable alpha, writing off a loss as a result what you think is cortrect is not going to fly with the IRS.
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