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 :?:

Share this post

Link to post
Share on other sites
This topic is now closed to further replies.