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Business & farm
You would want to read this. just a note you claimed it was a personal loan so it must be completely worthless. You would do thos within the investment section of turboax.
https://www.irs.gov/taxtopics/tc453
and yes in the year you have written loan off you must send a letter to the debtor as wrote off of the loan is income to the borrower which would be reportable. You must send a 1099-C to borrower.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
March 15, 2021
11:03 PM