Re: [taxchat] Sole Prop & Bankruptcy

Yes, that is what I am getting at...I would try to be as accurate as possible about what debt is business related and document it carefully as to how I arrived at the allocation...

On Wed, Dec 10, 2008 at 12:14 PM, JoJo Zawawi <kuchekesha@earthlink.net> wrote:

Benita -- Like a reasonable estimate as to what proportion of debt was business-related / personal-related, and use that % to allocate ?

 

Thanks,

JoJo
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-----Original Message-----
From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com]On Behalf Of Benita Myers
Sent: Wednesday, December 10, 2008 11:58 AM
To: taxchat@yahoogroups.com
Subject: Re: [taxchat] Sole Prop & Bankruptcy

I believe you will have to allocate the expense between business and personal...

On Wed, Dec 10, 2008 at 11:02 AM, JoJo Zawawi <kuchekesha@earthlink.net> wrote:

Hi Folks,

 

Can a Schedule C Sole Proprietor write off his legal fees in connection with a Chapter 13 Bankruptcy ?

 

Thanks,

JoJo

..............................................................................................................................................................
Music:  http://www.myspace.com/jojozjojo * http://www.new.facebook.com/pages/JoJo-Zawawi/16883556821
Blog:  http://www.mysteriousperson.com/MYSTERIOUSPERSON/thezblog/

 

--
Benita Myers, Enrolled Agent
Office and Fax: 916-691-6715

IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.


 

--
Benita Myers, Enrolled Agent
Office and Fax: 916-691-6715

IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.


 
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IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.

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