When eEuro went under, they owed me money from advertising here.
I filed with the bankruptcy court, and after a year of getting occasional letters on the case's progress, today I got the final tally: $0. The lucky ones got 17 cents on the dollar.
Where would this go on my taxes?
Where does a business loss go on US taxes?
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matthew1
- Site Admin
- Posts: 14481
- Joined: 14 September 2002
- Year and Model: 850 T5, 1997
- Location: Denver, Colorado, US
- Has thanked: 2656 times
- Been thanked: 1248 times
- Contact:
Where does a business loss go on US taxes?
Help keep MVS on the web -> click sponsors' links here on MVS when you buy from them.
Also -> Amazon link. Click that when you go to buy something on Amazon and MVS gets a cut!
1998 V70, no dash lights on
1997 850 T5 [gone] w/ MSD ignition coil, Hallman manual boost controller, injectors, R bumper, OMP strut brace
2004 V70 R [gone]
How to Thank someone for their post
Also -> Amazon link. Click that when you go to buy something on Amazon and MVS gets a cut!
1998 V70, no dash lights on
1997 850 T5 [gone] w/ MSD ignition coil, Hallman manual boost controller, injectors, R bumper, OMP strut brace
2004 V70 R [gone]
How to Thank someone for their post
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volvolugnut
- Posts: 6234
- Joined: 19 January 2014
- Year and Model: 2001 V70
- Location: Oklahoma USA
- Has thanked: 927 times
- Been thanked: 1001 times
Uninsured losses?
Find a CPA and ask them. I think they are worth paying, but I will not pay a mechanic.
volvolugnut
Find a CPA and ask them. I think they are worth paying, but I will not pay a mechanic.
volvolugnut
The Fleet:
Volvo: 2001 V70 T5, 1986 244DL, 1983 245DL, 1975 245DL, 1959 PV544, multiple Volvo parts cars.
Mercedes: 2001 E320, 1973 280, 1974 280C, 1989 300E, 1988 300TE, 1979 300TD, parts cars.
2009 Smart Passion
Ford: 1977 F350, 1964 F150 (2), 1938 Tudor Sedan
Farmall tractors: 1956 400 Diesel, 1946 A
And others.
Volvo: 2001 V70 T5, 1986 244DL, 1983 245DL, 1975 245DL, 1959 PV544, multiple Volvo parts cars.
Mercedes: 2001 E320, 1973 280, 1974 280C, 1989 300E, 1988 300TE, 1979 300TD, parts cars.
2009 Smart Passion
Ford: 1977 F350, 1964 F150 (2), 1938 Tudor Sedan
Farmall tractors: 1956 400 Diesel, 1946 A
And others.
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abscate
- MVS Moderator
- Posts: 35307
- Joined: 17 February 2013
- Year and Model: 99: V70s S70s,05 V70
- Location: Port Jefferson Long Island NY
- Has thanked: 1506 times
- Been thanked: 3818 times
You could deduct it from gains as an S Corp in your personal income tax if that’s how you are organized.
I don’t pay people to use Excel or Numbers.
Pivot tables isn’t a skill unless they are made of mahogany.
I don’t pay people to use Excel or Numbers.
Pivot tables isn’t a skill unless they are made of mahogany.
Empty Nester
A Captain in a Sea of Estrogen
1999-V70-T5M56 2005-V70-M56 1999-S70 VW T4 XC90-in-Red
Link to Maintenance record thread
A Captain in a Sea of Estrogen
1999-V70-T5M56 2005-V70-M56 1999-S70 VW T4 XC90-in-Red
Link to Maintenance record thread
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foggydogg
- Posts: 2948
- Joined: 17 October 2009
- Year and Model: '98 V70 R, 97 850 T5
- Location: District Of Columbia, not one of the Several States
- Has thanked: 83 times
- Been thanked: 402 times
From topic 453, I think it's in English...
"Business Bad Debts - Generally, a business bad debt is a loss from the worthlessness of a debt that was either created or acquired in a trade or business or closely related to your trade or business when it became partly to totally worthless. A debt is closely related to your trade or business if your primary motive for incurring the debt is business related. You can deduct it on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship) or on your applicable business income tax return.
The following are examples of business bad debts (if previously included in income):
Loans to clients, suppliers, distributors, and employees
Credit sales to customers, or
Business loan guarantees
A business deducts its bad debts, in full or in part, from gross income when figuring its taxable income. For more information on methods of claiming business bad debts, refer to Publication 535, Business Expenses."
"Business Bad Debts - Generally, a business bad debt is a loss from the worthlessness of a debt that was either created or acquired in a trade or business or closely related to your trade or business when it became partly to totally worthless. A debt is closely related to your trade or business if your primary motive for incurring the debt is business related. You can deduct it on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship) or on your applicable business income tax return.
The following are examples of business bad debts (if previously included in income):
Loans to clients, suppliers, distributors, and employees
Credit sales to customers, or
Business loan guarantees
A business deducts its bad debts, in full or in part, from gross income when figuring its taxable income. For more information on methods of claiming business bad debts, refer to Publication 535, Business Expenses."
69 1800s, @500k Death by Rust
94 850 Turbo, T-boned, ambulance for me, crusher for it
97 855 T5, 855 R projects
98 V70R x2, Silver Junkyard rescue, Coral Red
98 V70GLT x2, parts cars
00 V70xc x2, both now dead
62 122s, gone to live in Richmond
56 445 Duett basket project
1950 Studebaker 2R10 flatbed, T9 crashbox
94 850 Turbo, T-boned, ambulance for me, crusher for it
97 855 T5, 855 R projects
98 V70R x2, Silver Junkyard rescue, Coral Red
98 V70GLT x2, parts cars
00 V70xc x2, both now dead
62 122s, gone to live in Richmond
56 445 Duett basket project
1950 Studebaker 2R10 flatbed, T9 crashbox
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xHeart
- Posts: 3306
- Joined: 3 December 2011
- Year and Model: 2.0/3.2
- Location: Great Lakes - USA
- Has thanked: 113 times
- Been thanked: 115 times
Refer to SCHEDULE C or SCHEDULE E, and include either, or, both with your F1040.
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Golden-German Shepherd | 2021 XC90 T6 INSCRIPTION (Nexa) | 2020 V60CC (Frska) | 2013A XC90 (Lktra)
Past: Golden Retriever | 2001 V70XC | 1997 Volvo 854 | 1989 Volvo 740 GL | 1979 Volvo 240
Golden-German Shepherd | 2021 XC90 T6 INSCRIPTION (Nexa) | 2020 V60CC (Frska) | 2013A XC90 (Lktra)
Past: Golden Retriever | 2001 V70XC | 1997 Volvo 854 | 1989 Volvo 740 GL | 1979 Volvo 240