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I closed my business which was set up as a C corporation. I…

I closed my business which...
I closed my business which was set up as a C corporation. I know I can not personally claim the business loss. Can I claim a personal loss for the personal funds I lent to the business that will not be recouped.
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Answered in 21 minutes by:
3/17/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,665
Experience: Taxes, Immigration, Labor Relations
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You will need to report disposition of C-corporation shares as deemed sale.

Distributions you received from C-corporation will represent your deemed sale price,

and your capital contributions will be your basis

So - you may have a capital loss reported on your tax return.

That is not related to business losses realized in that C-corporation.

Let me know if you need any help with reporting.

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Customer reply replied 1 month ago
What forms would be required by the IRS? Can I send an amended return for 2017 and/or years past for this loss as we have already filed out taxes for the year? Will I need a tax expert to do these or can I do it through Turbo Tax which is where I have done my last 7 years of taxes?

The deemed sale is reported on form 8949

you will calculate your loss and that loss will be transferred to schedule D.

Yes - you may amend your 2017 tax return if you already filed.

You would need to use form 1040X and attach all forms that are new or corrected.

You can use Turbo Tax or any other tax preparation software - that is not an issue.

However - you will not be able to e-file that amended tax return.

You will need to print- sign and mail it to the IRS.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,665
Experience: Taxes, Immigration, Labor Relations
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Lev and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Are Capitol Losses capped at a certain amount per year?
How far back can you amend your previous year returns?

Capital losses may be fully used against other capital gains.

If we have net capital loss - only up to $3000 may be used to offset other taxable income.

The rest is carried forward indefinitely.

In some circumstances - section 1244 allows losses from the sale of shares of small, domestic corporations to be deducted as ordinary losses instead of as capital losses up to a maximum of $50,000 for individual tax returns or $100,000 for joint returns.

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