This is all new to me, so I don't really know what to expect.
I bought shares in my company at fair market value and submitted an 83b. Now I find out I have to wait for a K-1 form before I can file my taxes.
My main question is whether I can still use the downloaded Deluxe version to file my taxes, or will I need to upgrade?
Another question I have is whether this will affect my taxes. Please tell me if I'm understanding this correctly:
I bought the shares at fair market value, the 83b form makes it so I pay taxes on the value of the shares when I acquired them. So, there should be 0 gain and therefore won't affect my taxes? Is that right?
Thank you for any advice! I'm starting to wonder whether buying the shares will be worth all this hassle!!
