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poolepass
New Member

Need to report loss on non repayment on promissory note. Where do I report this?

 
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5 Replies
Leonard
Intuit Alumni

Need to report loss on non repayment on promissory note. Where do I report this?

Was this a personal note or business note?
poolepass
New Member

Need to report loss on non repayment on promissory note. Where do I report this?

Personal.
poolepass
New Member

Need to report loss on non repayment on promissory note. Where do I report this?

WE have done this before.  It's a legal document. You can deduct family non repayment?
poolepass
New Member

Need to report loss on non repayment on promissory note. Where do I report this?

This was money loaned to our renter in house we sold so she could buy the house we sold to her.
Leonard
Intuit Alumni

Need to report loss on non repayment on promissory note. Where do I report this?

You do not report the loss on your tax return.  Personal losses are not deductible. 

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