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  • Tax deduction

    I have personally paid debts of an S- Corp. that i was owner of and that was Chapter 7 Bankrupt in 2003. Are these deductable from my personal income this year?

  • #2
    Originally posted by PLP
    I have personally paid debts of an S- Corp. that i was owner of and that was Chapter 7 Bankrupt in 2003. Are these deductable from my personal income this year?
    S Corporation profit and losses pass through to owners, and as a shareholder, you then report the pass-through of income and loss on your personal tax return.

    However, please note that S Corp shareholders cannot take current-year losses that exceed their adjusted basis in the company, plus the adjusted basis for corporate debt owed to the shareholder.

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