What are tax consequences for me when corporation goes under and you have personal guarantee on credit card?
Posted by Financial Advisor | Filed under Tax Savings
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Posted by Financial Advisor | Filed under Tax Savings
If you had a personal guarantee or used a non busness credit card you are resposible as far as I know.
Sorry for the bd news.
You are still responsible to the credit card company and anything else that has a personal guarantee.
See your tax advisor to see if the credit card payment is tax deductable. For me, they were as they were my own business expense on the company card. Also, mine was a chapter S corp. Because of that, I was able to recapture the previous 3 years of taxes and had a credit toward the following 2 years.
Again, See your tax advisor to see if that can work for you. I am NOT a tax advisor.
There aren't any tax consequences, but you will be held personally responsible for the balance on the credit card account.