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Re: 1099-C confusion


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Posted by JM (172.153.2.197) on January 17, 2003 at 12:14:58:

In Reply to: Re: 1099-C confusion posted by LadynRed on January 15, 2003 at 14:25:24:

LadynRed,

Thanks for your reply.

Insovency is not an option so can you tell me how would he go about writing off this loss?

Much appreciated!

JM

However, he should be able to write off at least part of that 8K as a loss to help offset the 1099-C.

IF your brother can prove insolvency, then he may not have to claim that 1099-C at all. Obviously, the IRS makes that tough but not impossible.




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