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This answer was rated:

which K-1 form should I receive if I loaned money to a business

that was unable to pay...
which K-1 form should I receive if I loaned money to a business that was unable to pay me back and the debt is being written off?
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Answered in 2 minutes by:
6/13/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Customer:

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Customer:

How are you today?

Customer:

This would not be a K-1, it would be a 1099

Customer:

And the proper 1099 for bad debt is 1099-C

JACUSTOMER-cgwvg21l- :

So, I they should send that to me?

Customer:

No, if you lent the money you would send it to them.

JACUSTOMER-cgwvg21l- :

okay, should I receive a K-1 showing the investment/loan?

Customer:

No, you will not receive a K-1 for this purpose

Customer:

You will not receive anything because of this loan

JACUSTOMER-cgwvg21l- :

okay, thank you!!

Customer:

You're welcome

Customer:

Thank you for your positive rating. Please come back and seeCustomerany time you have a tax question or finance question you need answered. It was a pleasure working with you today.

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Kory,

You also will not need to file a 1099-C because you are not in the buiness of making a loan.


Thanks again for being a valued JustAnswer.com customer, and be sure to come back and visit me if you need anything additional. Thanks

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Megan C
Megan C
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