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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 125
Experience:  Business Consultant/Accounting Manager
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You own a company and over the years you have loaned the

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you own a company and over the years you have loaned the company 300K and have never been reimbursed for any of it. It is on the books as a loan to the company. The company gets sold and in the contract it said that you were to get the loan money back plus the money from the sale of the company but you got nothing for the sale of the company and none of the loan money back either. Can you write off the amount of the loan to the company off on your taxes?

Hi. Great Question - Yes, it would be considered a loss.

Customer: replied 9 days ago.
That is what I thought but my tax preparer did not put it on our taxes. Thank you for confirming that for me.

You are very welcome.

ABC Accounting Group and 3 other Tax Specialists are ready to help you
Customer: replied 7 hours ago.
Glad you sent me this message. For one thing I could not rate you or give you a bonus. and two Is there a limit to how much you can write off.

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