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?

Champions-gal · ‎June 6, 2019

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

PatriciaV · ‎June 6, 2019

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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Business & farm