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Hi, my name is ***** ***** I can help. Loans from you personally to a S corporation increase your basis in your S corporation which may have allowed to you deduct S corp losses which would otherwise be nondeductible if you had insufficient basis in the S corp stock. If you have deducted S corp losses you may not have any basis in the loans to deduct.
Do you know your basis in the S corporation?
However, if you have not used the additional basis to deduct S corp losses, then you may deduct the loss on the loan as a capital loss on Form 8949 and Schedule D, which will be used to offset your other capital gain income to the extent there is no other capital gain to be offset, up to $3,000 per year may be deducted to offset ordinary income.