My wife operated an LLC that closed at the end of ...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

My wife operated an LLC that closed at the end of 2016. She has been paying on a loan that was used for startup expenses. can we claim that on our personal income tax

 
2 Replies
Employee Tax Expert

My wife operated an LLC that closed at the end of 2016. She has been paying on a loan that was used for startup expenses. can we claim that on our personal income tax

Unfortunately, no. This is a personal expense now that there is no longer an LLC.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Level 4

My wife operated an LLC that closed at the end of 2016. She has been paying on a loan that was used for startup expenses. can we claim that on our personal income tax

Here is a somewhat opposing viewpoint:

 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/how-to-deduct-expenses-related-t...

 

Personally, I would argue this is still a business loan, except the business is no longer active. If you follow the example above, this would create additional "basis" for you in the business, and be treated as additional capital loss in the year you pay the interest (not the principal).  

Dynamic Ads
v
Privacy Settings