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Robert_Harris(at)intuit.c
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 Posted: Mon Feb 27, 2006 10:49 am Post subject: Tax Deduction for BK tRE: Tax deduction |
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The deposits you lost can be written off as a non-business bad debt. It
will be a short term capital loss subject to the capital loss
limitations which will be reported on your 2006 Schedule D. Attach a
statement to your 2006 tax return that explains that you made deposits
with Skystar but they filed bankruptcy. Include the dates and amounts of
your deposits and Skystar's Employer identification and bankruptcy
information.
If you get reimbursed in a later year then you will need to claim it as
income in the year received
Robert
Model V N200KF
San Diego
Tax Accountant/TurboTax Programmer
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rjdaugh(at)rapidnet.com
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| Posted: Mon Feb 27, 2006 5:59 pm Post subject: Tax Deduction for BK tRE: Tax deduction |
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Robert,
A turbo tax programmer! I am impressed. That is neat software. A great
use of computers.
I haven't been brave enough to try it on my taxes yet (I think they are too
compex) but I have been using it for years for my folks taxes.
Pretty neat! Thanks!
Randy
Do not archive
.
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