Loans and loss

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  • gman
    Senior Member
    • Dec 2005
    • 676
    #1

    Loans and loss

    Taxpayer made a loan and then took a discounted payoff . A 20,000. difference. Could he qualify for any loss on this?
    Tags: None
    • Burke
      Senior Member
      • Jan 2008
      • 7068
      #2
      If he did this voluntarily, my answer is no. If it was out of his control, i.e, as through a bankruptcy court, then I would say yes.

        Comment

        • Gary2
          Senior Member
          • Aug 2010
          • 2066
          #3
          Personal or business loan?

          Did he remember to issue the 1099-C?

            Comment

            • gman
              Senior Member
              • Dec 2005
              • 676
              #4
              Personal loan

              This was a personal loan.

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