I had two business loans that i signed a personal guarantee on. The loans were in the name of the company but PG'd by me.
We closed the business last March and sold the equipment that was collateral on the loans. We received enough through the sale to pay off one of the loans, but I had to continue to pay the other out of pocket.
Would this be considered a bad debt and am I allowed to write this off as a loss on my tax return or am I just SOL?
We were an LLC filing as an S Corp.
Thanks,
Robert
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