Signed a personal guarantee in 2004 with a bank so that I could obtain a line of credit for the business I was operating as a S Corp. Sold business in 2015 to new Corp. who were to assume all debts. They paid off part of Line of Credit monthly until they had financial problems in 2018. Business closed its doors in Jan 2019, numerous suits and unpaid bills. Bank requested I pay off the line of credit for $29K. On the hook because of personal guarantee. Last 1120S done in 2016.
Is it a tax deduction and how?
