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I invested $45,000 in a restaurant in 2016. The restaurant…

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I invested $45,000 in...

I invested $45,000 in a restaurant in 2016. The restaurant has done poorly and I sold my interest back to the main investor for $10,000 in 2017. I lost $35,000. Can I take this as an ordinary loss and take it all off my income for 2017, or does it have to be a capital loss subject to only $3,000 a year off my income, then carried over?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

No, that's all the necessary info.

Submitted: 25 days ago.Category: Finance
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3/27/2018
Financial Professional: PDtax, CPA, MBA replied 25 days ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,008
Experience: Tax professional and business consultant for 35 years.
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Customer reply replied 25 days ago
OK, can you provide an answer to my question?
Financial Professional: PDtax, CPA, MBA replied 25 days ago
This is a capital loss. It does not qualify for exceptions to the general rule for an investment unless you were in the business of making these investments, perhaps to other restaurants or businesses.
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Financial Professional: PDtax, CPA, MBA replied 25 days ago
Thanks for asking at just answer. Positive feedback is appreciated, five stars is best. I'mCustomer
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