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Champions-gal
New Member

Can I write off a worthless note held by an oil and gas LLC, operating at a loss and who announced in writing in 2017 that monies would not be repaid to note holders?

Note was purchased in 2009 and was to have matured in 2016. The LLC defaulted years ago when it stopped paying interest.
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PatriciaV
Expert Alumni

Can I write off a worthless note held by an oil and gas LLC, operating at a loss and who announced in writing in 2017 that monies would not be repaid to note holders?

Yes, if you have written confirmation that the debt is worthless, you should be able to write off the note at a loss.

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1 Reply
PatriciaV
Expert Alumni

Can I write off a worthless note held by an oil and gas LLC, operating at a loss and who announced in writing in 2017 that monies would not be repaid to note holders?

Yes, if you have written confirmation that the debt is worthless, you should be able to write off the note at a loss.

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