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The 83(b) is not for the option per se, but the shares you own after you exercise the option.

> ... if the stock purchased pursuant to the exercise of an option is subject to a substantial risk of forfeiture, the service provider may make an IRC §83(b) election with respect to the stock received pursuant to the exercise of the option.

https://www.irs.gov/businesses/corporations/equity-stock-bas...

Also see "Restricted Property" in Pub 525.

https://www.irs.gov/publications/p525#en_US_2020_publink1000...



Wow. Thanks a ton for those links. Definitely something I want to share with others in the future.




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