QUESTION
Can I write off my personnel loss from my business bankruptcy
Asked on Apr 12th, 2013 on Bankruptcy - Virginia
More details to this question:
I had $537k plus in my business when it was forced into bankruptcy. Both my personnel an Business bankruptcy are discharged in 2012. How much of my investment can I write off on my personnel taxes.
1 ANSWER
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The answer you are seeking is tax advice, and most attorneys will not and should not give tax advice. I assume you meant "personal" when you repeatedly said "personnel". Unless an attorney is also trained in giving tax advice, the answer to this may not come from this blog. I can say that I do not think a bad investment can be written off on your personal tax return, but talk to your accountant, CPA.
Answered on Apr 22nd, 2013 at 7:44 PM