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Tax deduction from loan given to a defunct C-Corp

I have loan money over the years to a C-Corp, unfortunately, that company is about to close and I think I'll end up losing the whole loan balance. How can I write this off on my taxes this year?

Thanks.

1 Response

  • Mar 16, 2010

    Owner

    There is more information that is needed in order to answer this question.
    Publication 535 from the IRS will have all the answers to your question once you read through it. Also, if you try at 8:00 am when the IRS firs opens, you can call and you won't wait on hold too long. Good luck

    http://www.irs.gov/publications/p535/ch10.html

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