Jump to content

Help! Lent my company(LLC) my IRA two years ago, now getting it back, ? on how to....


Recommended Posts

Ok two years ago I lent my company (an LLC) $20,000) The loan was booked into our computer, but the company could not afford to repay the debt. Meanwhile, I took the hit by paying penalties and interest for taking it out early. Well we had to close the company back a year ago. Now this week our closed company finally received some money to pay it back to me. Problem is I need to be able to turn it to cash. I could just write a check to me to pay it back (being it was a loan,) but I know that amount will cause the bank to write to the IRS and I don't think it's fair to have to pay taxes on this money again. Our company never paid the taxes or penalty, I did. I thought about getting some cashier checks, but I know the banks will still flag that. Any suggestions :?:

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.