Question

I have ongoing debt settlement payments from my now closed business. I know I can deduct the payment as long term capital losses. Where specifically do I claim these?

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Can you clarify something: How did your business file it's taxes before you close it - Schedule C, Form 1120, Form 1120-S?

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Hi David,

Thanks for the response.

To the best of my knowledge we filed Form 1065 (partnership as an LLC).

I know my partner's tax accountant has claimed his half of the settlement payments as some sort of long-term capital loss...

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