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goldenlemon6
New Member

I have a junior Subordinated Promissory note with a company I worked for and it will not be paid, can I write off the whole note in 2018

I worked for a company in 2007 and entered into a Junior Subordinated Promissory note for $250,000 in order to keep the company afloat and thus stay employed.  The company was sold in 2018  and there were not enough funds to pay off the note.  The note is now worthless.  Can I write off the full loss in 2018.

1 Reply
pabukhari
New Member

I have a junior Subordinated Promissory note with a company I worked for and it will not be paid, can I write off the whole note in 2018

I think that the matter is not simple, you better get a clarification directly from IRS, and then file an amended return if required.
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