I invested in a land development opportunity 4-5 years ago... company has gone bankrupt and I still have the promisory note for 100K... can I write off this loss and what do I need to support write-off to IRS?
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I invested in a land development opportunity 4-5 years ago... company has gone bankrupt and I still have the promisory note for 100K... can I write off this loss and what do I need to support write-off to IRS?
The promissary note itself should be sufficient support documentation, so write off the loss.
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