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Bad Debt Expense? |
I dissolved my LLC last year. I personally loaned the company about 3,000 and was curious if I could write off the expense on my personal taxes or make the note payable into an expense somehow on the business records? No. An LLC is a disregarded entity for tax purposes. You can't lend yourself money and then take a bad debt writeoff for it. The money you put into the business was an investment, not a deductible expense. It was expended by the business and you took business expenses for those expenditures already. |
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