Do I have to claim Chapter 11 or let anyone know that I went bankrupt with this business? Please help. Thank You.
2007-02-04 01:36:56 · 4 answers · asked by Retiree 1 in Business & Finance ➔ Taxes ➔ United States
Chapter 11 for $450? Not likely!
If you had $450 in business income and $450 in legitimate business expenses, it's a wash. But you still need to file Schedule C and possibly Schedule SE to account for this as you had Self Employment income in excess of $400.00 for the year.
2007-02-04 01:46:16 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Did you go bankrupt on the business as you lost everything you own? Or did you just do bad on this business investment? You need to talk to an accountant.
2007-02-04 09:40:05 · answer #2 · answered by holeeycow 5 · 1⤊ 0⤋
You should have an accountant do your taxes. If you owned a business, you should be able to write off expenses related to your home office as well which will improve your return
2007-02-04 09:40:32 · answer #3 · answered by Ryan S 2 · 1⤊ 1⤋
technically yes. you also claim for the loss. its a zero sum effect. filing for chap 11 is judgment call...if you think its worth it (i.e. a lot of creditors hounding you, and unable to pay them off) then do, else don't.
2007-02-04 09:41:48 · answer #4 · answered by McDreamy 4 · 0⤊ 0⤋