Un-reimbursed time - start up "cost" deduction?

#1 03-31-2006, 11:31 AM

"Toyota" <toyota2003camry[at]yahoo.com> wrote:

- quote -

> In 2005, a group of us got together and funded the start-up
> of a new business. Unfortunately, before the end of the
> year, there was a miss understanding and we negotiated an
> agreement where we would walk away and be paid back over
> several months.
> I spent a lot of time before and after the start of the
> business researching then working in the business without
> taking a salary. Can any or all of this be claimed as a)
> start up costs or b) un-reimbursed expenses or some for of
> "contribution" (I could have been earning money as a
> consultant.)

No
Time is not always money or I should say ones own unpaid
time is never a deduction, what you could have made is
immaterial

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

03-31-2006, 10:11 AM

"Toyota" <toyota2003camry[at]yahoo.com> wrote:

- quote -

> I spent a lot of time before and after the start of the
> business researching then working in the business without
> taking a salary. Can any or all of this be claimed as a)
> start up costs or b) un-reimbursed expenses or some for of
> "contribution" (I could have been earning money as a
> consultant.)

No. The value of your time is never deductible.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

#-1 03-30-2006, 08:39 AM

In 2005, a group of us got together and funded the start-up
of a new business. Unfortunately, before the end of the
year, there was a miss understanding and we negotiated an
agreement where we would walk away and be paid back over
several months.

I spent a lot of time before and after the start of the
business researching then working in the business without
taking a salary. Can any or all of this be claimed as a)
start up costs or b) un-reimbursed expenses or some for of
"contribution" (I could have been earning money as a
consultant.)

Thanks for your help

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

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