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purchased private jet hours... 14 hours left... Company has…

purchased private jet hours......
purchased private jet hours... 14 hours left... Company has temp suspended
service. If they go broke do I have any deductions for my loss?
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Answered in 1 minute by:
7/3/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,606
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

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.

MyVirtualCPA :

Were the hours purchased for personal or business purposes?

Customer:

personal

Customer:

business and personal so far only personal use

MyVirtualCPA :

I am truly sorry to be the bearer of bad news, but personal losses are not deductible. You would not get to deduct the cost of those hours

MyVirtualCPA :

And, you could only deduct the cost of the hours that you used for business purposes

Customer:

got it..

MyVirtualCPA :

Is there anything else I can help you with today?

MyVirtualCPA :

If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

Whats the best way to evaluate 2013 new tax impact... can we go line for line with my 2012 return?

MyVirtualCPA :

I am sorry but we give only general information, we do not process individual tax returns

Customer:

Excellent

MyVirtualCPA :

I'm sorry ... is there anything else I can assist you with today?

MyVirtualCPA :

If you are finished with this chat, please use the rating feature along the bottom of your screen to select "excellent service"

MyVirtualCPA :

Do you have further questions?

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,606
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C
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