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2007 tax, about bad debt (loan)deduction
Steinar loaned a friend $9,500 three years ago to buy some stock. In the current year the debt became worthless. a. How much is Steinar's deduction for the bad debt for this year? (assume he has no other capital gains or losses.) What can Steinar do with the deduction not used this year?
My answer is steinar's deduction for bad debt for this year is $3,000 and I think that the remaining 6,500 will carry to the following years deduction, is this correct? |
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