Sammy had the following for last year:
Short-term Capital gain $3000
nonbusiness bad debt ($10,000)
for the current year:
nonbusiness bad debt ($1000)
collection of last years bad debt $10,000
Calculate her AGI for the current year© BrainMass Inc. brainmass.com June 3, 2020, 7:41 pm ad1c9bdddf
The rule on nonbusiness bad debt is:
If you do not choose to deduct the loss as a casualty loss or as an ordinary loss, you must wait until the year the actual loss is ...
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