Help me figure out of tax burden, Please.
December 31, 2010 9:13 PM Subscribe
Can I take a business loss if I sell my business and the buyer doesn't pay?
posted by Thrillhouse to Work & Money (3 answers total) 1 user marked this as a favorite
My only business activity in 2010 in my sole-prop business is selling it. I financed it personally and the buyer only made 40% of the payments and then stiffed me. I sued him and default judgement is still pending because he did not respond to the summons.
How does this affect my tax situation? Can I take a loss for the amount he owes me or do I just claim an income for the amount he actually paid me?