Lost her shirt

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  • Black Bart
    Senior Member
    • Jun 2005
    • 3357
    #1

    Lost her shirt

    Well, not literally, but she did go broke in a residential rental apartment complex. Sold out at fire sale price, still owes the bank, and is making mortgage payments for the next two or three years. IRS agent told me to put the single entry (mortage interest) on E and show a loss until it's paid off.

    Any other opinions?
    Tags: None
    • veritas
      Senior Member
      • Dec 2005
      • 3290
      #2
      That's the way

      I would do it.

        Comment

        • OldJack
          Banned
          • Dec 2005
          • 1689
          #3
          I agree and its called a business bad debt.

            Comment

            • Black Bart
              Senior Member
              • Jun 2005
              • 3357
              #4
              Hey boys,

              What're y'all doin'?

              Two more weeks. Halleluiah - halleluiah!

              Only problem -- the money stops rollin' in.

                Comment

                • veritas
                  Senior Member
                  • Dec 2005
                  • 3290
                  #5
                  Came home early

                  today went so well. I have about 25% of my clients who have not given me their stuff yet so money will be rolling in for some time yet.

                  So I am posting on this message board and a local one in Portland that is about politics and stuff. That way I don't bother you all with my pedestrian comments.

                  How about you BB?

                    Comment

                    • Black Bart
                      Senior Member
                      • Jun 2005
                      • 3357
                      #6
                      To borrow your expression from the other day:

                      Originally posted by veritas
                      today went...well...25%...have not given me their stuff yet...money will be rolling in for some time...

                      How about you BB?
                      They're going swimmingly -- at least for the moment.

                      I've got some extensions too (not as many as you do), so the money will keep dribbling in 'til October, but not like it's going now.

                        Comment

                        • Skate1968
                          Senior Member
                          • Nov 2006
                          • 199
                          #7
                          Hey guys.

                          Someone gave me a little advice/reminder.

                          Your 250 dollar clients in March are a pain in the ***. Your 150 dollar clients that you do in July are gold.

                          Maybe a bit of an exageration but a good point.

                            Comment

                            • Skate1968
                              Senior Member
                              • Nov 2006
                              • 199
                              #8
                              Maybe to you guys, merely stating the obvious.

                                Comment

                                • Black Bart
                                  Senior Member
                                  • Jun 2005
                                  • 3357
                                  #9
                                  It is a good point, Skate.

                                  Originally posted by Skate1968
                                  Hey guys.

                                  Someone gave me a little advice/reminder.

                                  Your 250 dollar clients in March are a pain in the ***. Your 150 dollar clients that you do in July are gold.

                                  Maybe a bit of an exageration but a good point.
                                  I've had that exact same feeling in the middle of a long, cash-scarce summer and it's not an exaggeration at that time.

                                  Didn't mean to ignore you -- I just now got back on the board after this morning's post.

                                    Comment

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