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New Member
posted Mar 11, 2021 3:22:47 PM

I invested $70,000 in a company and have never been paid, what options do I have for tax filing?

No contracts signed, no W2, nothing has been done or given/returned

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1 Replies
Level 15
Mar 11, 2021 4:06:23 PM

If you "invested," that means you are took a risk, just like investing in the stock market. But maybe you think you made a loan?   And you would only get a W-2 if you were an employee.

 

That's a large sum to give someone without a meeting of the minds as to its purpose, and with no paperwork whatsoever.  The IRS is going to question the true nature of this, and might even claim that you made a non-deductible gift.   You may wish to see an attorney first.