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Level 1
June 1, 2019
Question

An early stage startup started mid 2018. Can I claim expense under personal income tax filing for 2018?

  • June 1, 2019
  • 1 reply
  • 18 views

Started working on a technology product mid last year. No revenue yet. I haven't set up a business structure (Inc., LLC or anything like that). I could be considered a sole proprieter for now. 

I have expenses from last year - mainly to develop the software product with an overseas development company. Can I file overseas software development expense under personal income tax? 

1 reply

KrisD15
Level 15
June 1, 2019

No, start-up cost (even when paid in a prior year) will be claimed when you begin operations. 

https://ttlc.intuit.com/replies/5974900

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