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  • littleman
    Junior Member
    • Oct 2005
    • 13
    #1

    loss

    A client invested $3000 into a startup company in 2002. He was not a business owner, partner and he was issued no stock. The company went out of business in 2006 and he did not receive his $3000 back. Can he deduct a loss such as this on his tax return?
    Tags: None
    • Kram BergGold
      Senior Member
      • Jun 2006
      • 2112
      #2
      Loan agreement

      If he has a loan agreement, by all means take the loss.

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        • jainen
          Banned
          • Jul 2005
          • 2215
          #3
          What was he, then?

          >>He was not a business owner, partner and he was issued no stock<<

          What was he, then? A creditor, guarantor, customer, vendor, employee... ?

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