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New Member
posted Jun 3, 2019 5:12:55 PM

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?

 


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New Member
Jun 3, 2019 5:12:56 PM

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