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Barbara Weltman

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Loan to sibling for business isn’t a business deduction

November 15, 2015 / By Hudson Fusion

That’s what the Tax Court said to a taxpayer who loaned his brother $285,000 to start a scrap metal business. The loan went bad and the taxpayer took a business loss on his Schedule C. The loss was disallowed because he wasn’t in this scrap metal business; he merely provided funds to another business.

No need to wait – the help you need for preparing your 2015 tax return and year-round tax planning is here! Yes, the NEW tax books are available now – find the 2016 edition of J. K. Lasser’s Small Business Taxes 2016, and 1001 Deductions and Tax Breaks 2016 on Amazon! 

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Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.

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