Q&A: Business investment loss and tax claim question?

Question by Reality Check: Business investment loss and tax claim question?
-I invested 60K into a new start up business in a form of a loan (have contract and documentations).
-30K has since been paid back
-a total of 50K still owed when you combined interest and loan amount still owed.
-the Company has went out of business

My questions are:
1) can I claim this in my tax? I believe it is for 3K per year and can carry over.
2) If I file jointly, does this 3K become 6K
3) Can I file for the 30K lost in investment or for the total 50K amount still owe to me? This 50K includes interest.
4) What documentation is need in case of an audit on this claim? Is my loan document with the Company CEO sufficient or do I need for documentation that the company went under?

thank you for your help

Best answer:

Answer by MisterZero
We would be happy to answer these specific questions for you. We currently charge $ 65.00 per hour for Tax Consulation. Feel free to contact us at our Toll Free Number or click on the website link below.

You will likely get offers from other Tax Professionals on this site.

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G’Luck…

Mike Womack, Sr. Partner
Zero Degrees Tax LLP
Moore, OK

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