I PUT IN $2500 AND OWN 25% OF A BUSINESS CAN I WRITE THAT OFF ON MY TAXES I BORROWED THE MONEY FROM MY CREDIT CARD
Unfortunately I don’t believe that you can write off the $2500 investment. In return for your investment, you get a 25% share of the profits that the business earns. The fact that you put this on your credit card just means that you have a liability of $2500 to the credit card company but that is not a tax deduction. However, the interest that you have paid on that $2500 could be tax deductible. I recommend you contact a tax professional to find out.
To locate a tax professional, check out this article:https://fitsmallbusiness.com/how-to-find-a-quickbooks-proadvisor/
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.