turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Harveywaz
New Member

I have a large tax bill this year , but will have a large loss next year due to default on loan I made. Can I file amended tax next year to regain this years tax paid?

I made a hard money real estate loan in 2017 for $200K.  It is in default, and the 1st position (I am in 2nd) is foreclosing but it hasn't gone to auction yet.  Last year I sold (closed on 31 Dec 2018) property on which I will owe about $75K Federal tax on my 2018 return.  Can I offset the tax due with the loss on the defaulted loan?  How about the $20,000 interest that was due on the defaulted loan and not paid?  If not, perhaps because it hasn't yet been closed out yet, can I file amended tax returns in future years when the loss on the loan has been determined and recover some of the 75K tax I will have to pay this year?

 


Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
dhb1ibo
New Member

I have a large tax bill this year , but will have a large loss next year due to default on loan I made. Can I file amended tax next year to regain this years tax paid?

Loss is claimed in year it occurred or carried over into future year(s). Can not be back dated.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies