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Angela1111
Level 3
February 27, 2021
Question

Where to deduct business bad debt from an S-Corp

  • February 27, 2021
  • 2 replies
  • 19 views

Hi!  I have an S-Corp final year return and the owner was unable to get his shareholder loan repaid to himself.  Since it's business bad debt, I don't want to enter it on Form 8949.  Help! Thanks..

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2 replies

qbteachmt
qbteachmt
Level 15
February 27, 2021

"Since it's business bad debt, I don't want to enter it on Form 8949"

Are you sure?

Have you got a properly created and signed note payable? Have there been loan payments and/or imputed interest all this time? What happened to the assets in the entity? Are there other shareholders involved?

Don't yell at us; we're volunteers
    IRonMaN
    IRonMaN
    Level 15
    February 27, 2021

    So if you are planning on taking a deduction on the corporate side of things, are you planning on picking up debt forgiveness income on his personal side of the transaction? 

    Slava Ukraini!
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