05-16-2005, 05:26 AM
| |||
| |||
 Re: How to take a loss when I have collateral? John wrote: - quote - > I lent a company money in 2000. They gave me gems as
You can liquidate the collateral and apply that against the> collateral that more than covered the amount of the loan. > Unfortunately the gem market has collapsed and they now > cover less than half the loan. The company is essentially > defunct and will never pay me anything. I would like to > take a loss. > My jeweler is "absolutely certain" the gem market will soon > improve and urges me not to sell them now. > Can I take a loss based on her appraisal, and take a capital > gain if the market improves and I sell them; or must I wait > to do anything until I sell them? debt. - http://www.complianceregs.com/40cfr/...t13/13-16.html Then you can take the remainder as a loss in a business transaction. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
05-16-2005, 12:06 AM
| |||
| |||
| How to take a loss when I have collateral? I lent a company money in 2000. They gave me gems as collateral that more than covered the amount of the loan. Unfortunately the gem market has collapsed and they now cover less than half the loan. The company is essentially defunct and will never pay me anything. I would like to take a loss. My jeweler is "absolutely certain" the gem market will soon improve and urges me not to sell them now. Can I take a loss based on her appraisal, and take a capital gain if the market improves and I sell them; or must I wait to do anything until I sell them? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| collateral, loss |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Estate 1041 - Business loss vs. investment loss John Smith: The estate sold my late mother's NYC coop, which was her personal residence, and incurred about a 18K loss. It sold at the appraised FMV, but there... | Taxes | 2 | 02-13-2005 10:53 PM | |
| tax loss by the government??? sunny: Could anybody tell me how much money is lost by the federal government by allowing most of the online shopping free of tax. If this is a huge... | Taxes | 7 | 01-22-2005 05:30 PM | |
| loss on raw land msmap: I bought 2 acres several years ago planning to build my retirement home on it. Plans changed and now will be selling it. If I sell the land for... | Taxes | 5 | 01-12-2004 10:35 AM | |
| Do I have a casualty loss? Cheryl: Do these facts indicate a casualty loss AND in what Year should it be reported - 2002 when the loss happened, or 2003 when I received the funds and... | Taxes | 3 | 11-09-2003 06:21 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
