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Our business is structured as a partnership with four Partners. One of the Partners died and never paid back a loan. Can we deduct this as a loss on our partnership tax return? We were not formed as a LLP.

Partnership Loan Repayment
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Jorge Otoya
There are likely many partnership tax issues in your question. The answer however depends on whether the loan (if respected as a loan) is actually worthless. If it is, then you may be able to take a loss. The next question would be what is the character of the loss, capital or ordinary. What happened to the partner's interest? Is the Estate the new partner?
Reply 330 weeks ago
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Tax Professional Answers

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Sherry German
The First step would be to seek repayment from his Estate as distasteful as that may be.
Leave a Comment 432 weeks ago

 

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