taxcurious
Member
What is the name of your state?CO
My husband invested $25,000 several years ago in what was supposed to be mortgage-backed loans. When his investment matured in 2004, we paid taxes on his $25,000 profit. He rolled the $50,000 over into a new investment at that time. We have paid estimated taxes since then. The company has filed Chapter 7. When and how do we claim this worthless debt on our taxes? Right now there is no way to tell what funds if any we'll ever receive.
My husband invested $25,000 several years ago in what was supposed to be mortgage-backed loans. When his investment matured in 2004, we paid taxes on his $25,000 profit. He rolled the $50,000 over into a new investment at that time. We have paid estimated taxes since then. The company has filed Chapter 7. When and how do we claim this worthless debt on our taxes? Right now there is no way to tell what funds if any we'll ever receive.