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Re: 1099-C confusion


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Posted by Why Chat (209.240.198.61) on January 17, 2003 at 15:37:03:

In Reply to: Re: 1099-C confusion posted by LadynRed on January 17, 2003 at 12:20:36:


It depends on how long he was invested in the enterprise, if he was a "working" partner or not. Get an accountant to help, the IRS website is only OK for people who have an inkling about what they are doing.

He should be able to "write off" his entire investment that he lost,from that "write off"he deducts the amount on the 1099C-- i.e. if he put out $16,000 and lost it all, he writes off $16,000 as a loss either on a profit and loss statement or a sched. C, then he adds in $8,000 as a gain , leaving him still with a net $8,000. loss.


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