Unusual situation. I have tried IRS
, they no longer answer. I went to IRS office, and a tax
problem solving office. Last said I need a tax Lawyer. I have been searching.
Two business deals going back 30+ years.
1) Person invested money in my business. Amount may have been $2500K. I was to pay a monthly amount. I did. Then sold part of business and returned their money. He said I should pay more for value of business or something along that line. I didn't understand. His wife said to HIM: 'forget it.' I should not have. It was dropped. It started bothering me. I borrowed money and paid $8K. for whatever it may have been and interest
2) I was loaned $10K 30+ years ago. I was to pay monthly interest payments at rate
of 18% APR. Then at end of year I was to pay back the $10K. I didn't have it and continued for some time paying the monthly. Things changed. She sued and it was dismissed. Later I filed personal bankruptcy
. This was included. I felt obligation. With money I had and borrowed, I paid $27K. $10K principle plus interest for this.
Now, where do I stand? (1)Do I report this is some fashion? (both were for business) (2)Is it any business deduction