Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
I was a board member of efficiency energy solutions and I
I was a board member of efficiency energy solutions and I also loaned money to the company and also a subsidary company. efficiency electric They went belly up .I made efforts to collect and researche… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
816 satisfied customers
I MADE A PERSONAL GUARANTEE TO A BANK FOR A LOAN TO MY
I MADE A PERSONAL GUARANTEE TO A BANK FOR A LOAN TO MY BUSINESS. THE BUSINESS FAILED AND WAS CLOSED. I AM CURRENTLY MAKING MONTHLY PAYMENTS TO THE BANK. HOW AND ON WHAT TAX FORM DO WRITE THE PAYMENTS … read more
Rick
Rick
MBA
3,892 satisfied customers
President advances funds to a charity over a number of
President advances funds to a charity over a number of years. Always figuring it would get paid back. Charity ends up going out of business. Can the cash basis taxpayer take a charity deduction in the… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,788 satisfied customers
Wife was a 50 percent partner in an LLC. The company took
Wife was a 50 percent partner in an LLC. The company took out a loan which she co signed for. The company went out of business and now wife is paying back 100 percent of loan. Any type of tax deductio… read more
PDtax
PDtax
Owner
Master's Degree
5,960 satisfied customers
If I put up collateral for a business loan and there is a
If I put up collateral for a business loan and there is a foreclosure on the asset and The asset had made capital gains from the time I bought it to the time it was foreclosed on , do I pay capital ga… read more
PDtax
PDtax
Owner
Master's Degree
5,960 satisfied customers
Taxpayer is a 100% s corp shareholder Taxpayer also owned
Taxpayer is a 100% s corp shareholder Taxpayer also owned 100% in a rental LLC in 2012 the taxpayer walked away from the rental property in the llc. Debt forgiveness was reported along with a resultin… read more
PDtax
PDtax
Owner
Master's Degree
5,960 satisfied customers
Xyc llc has a rental unit which paid $6000/month rent. last
xyc llc has a rental unit which paid $6000/month rent. last year the sole owner of the llc loaned them money for an expansion, which is supposed to be paid back with 6% interest. the owner of the llc … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,711 satisfied customers
I thought I understood the treatment of loans from a member
I thought I understood the treatment of loans from a member in an LLC to the LLC, but now I wonder. I thought that in order to get a business bad debt write off, I the partner (member) had to be in th… read more
PDtax
PDtax
Owner
Master's Degree
5,960 satisfied customers
I loaned a friend $100,000 last year and he went bankrupt this
I loaned a friend $100,000 last year and he went bankrupt this year. Can I deduct the entire $100,000 from my income taxes this year or is the maximum I can deduct $3,000 - I realize the deductions ar… read more
taxmanrog
taxmanrog
Master's Degree
2,161 satisfied customers
I am a SMLLC to market status trader and I manage 2 other
I am a SMLLC mark to market status trader and I manage 2 other LLC accounts who are not Mark to market Traders. I made a documented large loan to each account that became worthless in 2012. I want to … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,207 satisfied customers
I have a c corporation which I on 100% of the stock. The C
I have a c corporation which I on 100% of the stock. The C corporation went broke I was required to pay loans that I personally guaranteed. I and my wife worked in the business part time without pay a… read more
PDtax
PDtax
Owner
Master's Degree
5,960 satisfied customers
A limited liability company engaged in the busines of owning
A limited liability company engaged in the busines of owning and renting one commercial building defaults on its mortgage on the building.The lender agrees to a short sale of the building, and issues … read more
socrateaser
socrateaser
1,535 satisfied customers
A bank loan to a LLC owning a commercial real estate condo
A bank loan to a LLC owning a commercial real estate condo rental property went into default. The LLC members are co-borrowers on the loan, not guarantors. What are the implications of being a co-borr… read more
Richard
Richard
Tax Attorney
Doctoral Degree
5,914 satisfied customers
I am a co-borrower on a bank loan to a partnership/LLC. Last
I am a co-borrower on a bank loan to a partnership/LLC. Last year, the loan was restructured to interest only after the property (commercial condo office building) was re-appraised. (Surprisingly, the… read more
socrateaser
socrateaser
1,535 satisfied customers
Can a decedents simple trust deduct the unpaid amount of a
Can a decedent's simple trust deduct the unpaid amount of a promissory note on the estate's income tax return? The persons who received the loan from the decedent have refused to fully repay the loan … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
How to write off intercompany loans on an S Corp level?
I own an S Corp. with a 12/31 year end. I also own a C Corp. with a 9/30 year end. I have an intercompany loan that has accumulated over the years in the amount of 300,000. (the C Corp. owes the S Cor… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I loaned $20,000 to my son, to help him start a ...
I loaned $20,000 to my son, to help him start a nightclub in the year 2000. I used my line of credit from my bank to uptain this money, which my son was going to make the monthly payments. Long story … read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
loosing big money by lending to person to start a business
i lost 42000.00 in a business i lent money to start up. how do i get the most benifit with the irs?… read more
JBE, CPA
JBE, CPA
70 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

5,914 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

673 satisfied customers

B.A., M.B.A, J.D.

Loren

Loren

Attorney

555 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

21,808 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,666 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x