C-Corp Losses deduction

[bromion]

In California. I am a half owner of a registered C-Corp. It has not generated any revenue, but I have written checks to the corporation for certain expenses, such as lawyers fees and licenses/taxes that have totaled about $2000 in 2012. No new stock was issued for the money I spent on the corporation. Can I deduct this from my personal income taxes in 2012? Do I need to itemize in order to do so?

Thanks for any advice!

Jason

 

[davew128]

It should be properly considered either a loan to the company or additional capital investment. In no way would you personally be able to deduct it.

 

[tranquility]

In a c-corp, I'd go with loan. (Unless stock was given for the investment.)