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    1 Reply Latest reply on Jan 8, 2009 7:38 AM by LUCKIEST

    New Business Tax Help

    Rserp1 Newbie
      This is the deal. Me and My buddy decided to start a Business and claimed partnership status.
      This is either of us first Business ever and went for it.
      We are registered.
      Both of us dumped a lot of Money and Time in the Business.
      We didn't make one red cent.
      We lost money and a lot of it.
      We never paid either one of us any money.
      Everthing was put right back in the business.
      What we did was buy government surplus for re-sale.
      We are considered as a wholesale business.
      We bought $5 million in products and then market took a nose dive leaving the product worthless.
      Totaly worthless.
      Any and all buyers backed out and as the market got worse so did our back up plan to liquidate as that market went belly up.
      I have storage fees
      Office exspenses
      Costs of buying and transporting these products from one state to another.
      Example: We are from Wisconsin and had to go to Florida, Ohio, Minnesota, Illinois, Georgia, Alabama to name a few and back to Wisconsin with the products.
      So on and So on.
      We lost our Butt to say it nicely.
      Now my question is what can I expect to recover if anything from this failed Business?
      Can I write off the $5 million loss and expect to get anything back?
      or am I just a victim and there is no hope?
      I would apreciate any information.
      If anyone else had such a terrible start I would like to know how you handled it.
      Everything is documented