I live in Wisconsin and have a C-Corp that I am about to dissolve. I was the sole owner and until 12/31/02, I had a contract with a local county to provide services to their clients. I have been without a contract since that time and so have been inactive as a corp. Since finishing that contract, the corp has incurred necessary debts that I have, over the last 2 years, covered with loans from my own personal assets (I transferred money several times from my personal savings account into the corp checking account). These "finishing-up" expenses included a final employee payroll, accumulated employee vacation payouts, employee mileage/expense reimbursements, FUTA return, federal and state corp tax payments, accounting fees, medical deductibles/co-pays for myself, legal fees, health insur premium for myself, and liability insurance premiums.
How can I recoup these bad debts (loans from me to my corp) on my personal income tax returns? The total debt now is $9,353.
thanks for any helpful advice you have,
Jim
How can I recoup these bad debts (loans from me to my corp) on my personal income tax returns? The total debt now is $9,353.
thanks for any helpful advice you have,
Jim