QUESTION
i was in a business who failed and i gauronteed two loans, there was a court judgement forcing me to pay the business loans personally back
Asked on Apr 04th, 2014 on Business Law - Virginia
More details to this question:
how do i deduct my personal guarontee requirement to pay back...i was also part of the business thru seperate initial investment that was managed under k1 statement but once the business folder me and othere were forced to pay...some partners went bankrupt on there personal guarontees
1 ANSWER
Check with a CPA; you may be able to count the amount as part of the loss on your investment, assuming it's now worthless.
Answered on Apr 12th, 2014 at 10:16 AM