Borrowed 14k from a relative in 2015 (with full-fledged notarized promissory note) to start a 501(c)(3) thrift business. It was deposited into a separate business account and 100% used for start-up and operating costs. After two years, I had to close business for upon a stage IV cancer diagnosis, even though it was only a month or so away from turning a profit. In 2018 I had to pay back the 14k, but with my 100% of my personal monies. My question therefore is: Is this deductible on my personal 2018 tax return, please?
