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jmoore3856
New Member

Prior to our car wash going out of business we were loaning the business money to keep it afloat. Can we claim the money we loaned for four years and if so where?

We are never going to get that money back.

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Marketstar
Level 7

Prior to our car wash going out of business we were loaning the business money to keep it afloat. Can we claim the money we loaned for four years and if so where?

If you were a sole proprietor or Single Member LLC. you cannot deduct a loan to your own business.

However, qualified business expenses financed by the loan is /were deductible.

View solution in original post

1 Reply
Marketstar
Level 7

Prior to our car wash going out of business we were loaning the business money to keep it afloat. Can we claim the money we loaned for four years and if so where?

If you were a sole proprietor or Single Member LLC. you cannot deduct a loan to your own business.

However, qualified business expenses financed by the loan is /were deductible.

View solution in original post

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