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Business & farm
No. I am assuming you are a single member LLC and file on Schedule C. If that's the case, The IRS considers your LLC as a "disregarded entity". You and your business are one in the same for tax purposes. You cannot loan yourself money, forgive it, and then write it off on your taxes. If your business has been showing net losses, then you are already writing off the amount you put into the business via the business loss.
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March 18, 2025
4:25 PM