united-states, llc, taxes, 83bI filled out an 83b election for a startup in 2014. Do I need to do anything special tax-wise relating to this form specifically? If so, is there a resource with explanations?
Yes. The election must be mailed to the IRS within 30 days after you received the grant. In addition, you need to attach the 83(b) election you’ve mailed to your tax return. Not doing any of these will invalidate the election. Of course, you have to keep receipts of mailing (certified) for both the filings, and copies.
Obviously, your tax return should include the income (the difference between the price you paid and the FMV of the property you’ve got when you got it).
Agree with littleadv. In addition, the company must be provided with a copy of the 83b election.
Most 83b elections are filed in connection with a company formation or the exercise of options. In these cases, the shares are usually acquired for a price. For founder stock, the founders usually actually buy them for cash, or contribute technology in exchange for the shares, with the value of the technology being equal to the value of the shares. For options, the exercise price is paid.
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