What is the name of your state? California
Hello,
I sold my coffee business 2 years ago but I was made to be a guarantor on the leasehold. A year later, my buyer defaulted on the lease and I was pulled back. I made a negotiation to the landlord that I'd pay him a lum sum amount of $18K in 4 years to get out. Can I claim that amount in my tax return? I was told by my tax preparer that I can't since I'd need to have the other party's SS to file this as business loss, and the problem is I don't have it. Can I still claim it?
Thanks,
Stanley
Hello,
I sold my coffee business 2 years ago but I was made to be a guarantor on the leasehold. A year later, my buyer defaulted on the lease and I was pulled back. I made a negotiation to the landlord that I'd pay him a lum sum amount of $18K in 4 years to get out. Can I claim that amount in my tax return? I was told by my tax preparer that I can't since I'd need to have the other party's SS to file this as business loss, and the problem is I don't have it. Can I still claim it?
Thanks,
Stanley