 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Business loan default - can I claim loss personally?
I owned a business (S Corporation) that closed last year due to failure. I had loaned the company $40,000 that was still on the books as a loan payable when the business closed. The loan was written off by the corporation. I was told I may be able to deduct the amount on my personal income tax return as a bad debt because the corporation defaulted on it. Is this correct? If so, can you tell me how it is done?
|
||||
Check out some similar questions!
I currently owe 9,000.00 on my auto loan with chase bank, The crank shaft in the engine broke and the damage is going to end up being close to 4,000.00 to fix total.. I can't afford the 300.00 payment a month on top of trying to save to fix the damage. What will happen to if I default on the loan?...
I was in a llc partnership and we were taxed as an S corp.So every year each shareholder filed an 1120(s)k-1. The business went south and I sold my shares back to the other owners effective Jan 1st 2010. I had to pay to get out because the business was "upside down" and had a lot of debt. The...
My husband took a truck loan out over two years ago. He was arrested in another state for transporting drugs in that state. He is in prison and the truck is in the possession of that state. The payment was set up to come out of a joint savings account we have with the bank he has the loan with....
I have just checked my credit report online and the notes on it say I defaulted on a loan. The last update from the loan company was 3 years ago and it says that they were unable to reach me. I am not in a position to pay back the loan and although I still have an address in the UK where I took...
View more questions Search
| Question Tools | Search this Question |
Add your answer here.
|
