If you start a sole prop business before filing how do you account for the income on Sched J? I'm guessing it may not be much-may in fact be a loss- although very small because it will be only funded by cash receipts other than maybe a few dollars to get it going-shouldn't have any assets other than what can be exempted. How does this get looked at? My thought is it would be better to wait till after filing and discharge (and maybe never). Any one have any thoughts or experiences here?
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Hi daylate,
I think the wording to apply is "reasonably anticipated" There is even a place to explain; line 17, Schedule I
Hope you can get a business going and help get the economy going!
Tom in ColoCh7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010 -
Any downside to waiting until after you file?All information contained in this post is for informational and amusement purposes only.
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