Recent content by vollpreuss

I studied Publication 550 and then called the IRS. They advised the bankruptcy proceeding must be complete and that, ideally, you should have a letter from the trustee indicating the worthlessness of the note. As it is an unsecured note they suggested it is a nonbusiness bad debt but they...

Thanks. Will do.

Have you received any definitive advice on this? I am in the same situation. Thanks