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Leftover expense from a closed business

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taxtips
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« on: March 12, 2011, 03:21:21 pm »

I closed my wholly owned sub S business at the end of 2008, I have left over credit card debt that was incurred while still in business.  Can I deduct the interest paid in 2010 on my 2010 taxes?
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« on: March 12, 2011, 03:21:21 pm »

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steven
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« Reply #1 on: March 15, 2011, 08:37:08 am »

Since S corporation's income or losses are divided among and passed through to its shareholders, and the shareholders must then report the income or loss on their own individual income tax returns, the fact that you have closed your business does not make much difference in your taxation regime. You still report your loss on your individual tax return. For details on how much interest you can deduct, see Publication 535, chapter 4, Interes.
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