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
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.
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
Personally, I would argue this is still a business loan, except the business is no longer active.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).
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