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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 708
Experience:  Business Consultant/Accounting Manager
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You own a company and over the years you have loaned the

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you own a company and over the years you have loaned the company 300K and have never been reimbursed for any of it. It is on the books as a loan to the company. The company gets sold and in the contract it said that you were to get the loan money back plus the money from the sale of the company but you got nothing for the sale of the company and none of the loan money back either. Can you write off the amount of the loan to the company off on your taxes?

Hi. Great Question - Yes, it would be considered a loss.

Customer: replied 11 months ago.
That is what I thought but my tax preparer did not put it on our taxes. Thank you for confirming that for me.

You are very welcome.

ABC Accounting Group and 3 other Tax Specialists are ready to help you
Customer: replied 11 months ago.
Glad you sent me this message. For one thing I could not rate you or give you a bonus. and two Is there a limit to how much you can write off.

No limit. Have a great night.

Best Regards.

Customer: replied 11 months ago.
Thank you for clarifying that. Are you around Atlanta by chance. Or can you refer someone around Jefferson GA. I believe my accountant / attorney / lawyer 's not doing me right. He said I can only right off 300K of the 389K we loaned the company and since we are getting partial payments for the sale of the company he could not right that off this year. Now the sale of the company does not include the loan to the company. That was to be paid upfront and was not so the sale of the company is judt that not the part that we loaned the company. So I should have had the loss on my taxes in 2015 right? This is a big long story and you are just getting g the highlights. But the brother who did not start the company but sold the company due to illegally acquiring stocks from a forme owner. That's why I am asking if we can write it off because we did not get any money from the loan to the company. And now my lawyer / accountant is saying I can only write 300K. What should I do? Should I ammend my taxes?

Hi. There may be other items that the attorney/lawyer may know about or documents they had. I am not a lawyer and not in Georgia, unfortunately.

Customer: replied 10 months ago.
Bummer! It is a very complicated case. But I have asked our lawyer to find our what has happened to the money from the sale and he will not do it. He just tells us to release the brother from the previous sales agreement and get the property that we are suppose to get from the sale. I don't understand why he will not call his lawyer and find out I asked him to audit the company before the sale and he did not its almost like he is on the brothers side. We have tried litigation lawyers but as soon as you say the word family no one wants to help you. We'll I wish you were in Georgia. Thank you for your time and it looks like my review went through and gave you your 5 stars. If you can recommend somebody lease let me know their name. Have a great evening and again Thank you!