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    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?

    #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.

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      #3
      Personal or business loan?

      Did he remember to issue the 1099-C?

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        #4
        Personal loan

        This was a personal loan.

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