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Financial Planning / Tax Strategies


Subject:  Re: Collateral taken Date:  9/2/2011  3:15 PM
Author:  ptheland Number:  113890 of 127642

Sounds like a non-business bad debt. On your tax return, it is reported as a short-term capital loss. There's an additional statement you need to attach to your tax return when claiming a non-business bad debt. Publication 550 has the details on that statement.

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