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A few years ago, I borrowed money from my 401k to help my…

Customer Question
a few years ago, I...
a few years ago, I borrowed money from my 401k to help my son start a business. I am still paying it back each paycheck.
I havealso paid for a lot of expenses and finally the company is starting to take off. Can I claim those expenses against the loan on my 401K on my taxes?
How do I claim all of the monies I have spent to get this business moving?
Submitted: 2 years ago.Category: Finance
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Customer reply replied 2 years ago
I MAY BE QUITTING MY JOB SOON AND UNDERSTAND THAT I WILL HAVE TO PAY THE AMOUNT OFF WHEN I SWITCH JOBS. CAN I USE THOSE BILLS I PAID FOR THE COMPANY AS A DEDUCTION?
Answered in 56 minutes by:
2/20/2016
Financial Professional: PDtax, CPA, MBA replied 2 years ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,037
Experience: Tax professional and business consultant for 35 years.
Verified

Hi from just answer. I'm PDtax. I'll assist.

There might be some tax relief, but it depends on how your loan/investment was structured/documented.

Once I have a better sense of what you did and how, I can advise re: current tax benefits.

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Customer reply replied 2 years ago
Here is a copy of the loan agreement. have all the receipts for other items I have paid for. Including a camper, they use at the farm where they work. $10k to the attorney for legal advice. The company is in Colorado and is a legal marijuana business and I would like to have the opportunity when I leave my job and have to pay back my 401K loan, that I have some deductions against it.
Financial Professional: PDtax, CPA, MBA replied 2 years ago

Thanks for the follow up.

I can assist, but will need to ask for a price increase to review the documents, discuss things with you in more detail, and advise how to create 2016 deductions you can use.

I will post an Offer of Additional Service for 2/3 hour professional time to assist. Accept, and I will look at these later today.

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Customer reply replied 2 years ago
thats crazy- no thanks- I'll get a refund
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