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Question for the Money Doctors

Question submitted on Feb 13, 2013.

Question

We recently lost a $50k investment due to a bankruptcy. What is the best way to handle that for our taxes? Can I spread the lose out over several years? Our annual income is $65k, married filing jointly, itemize our deductions, 5 children, own our home ($200K outstanding loan), no car loans, give 10% to religious charity.

Answer

With this limited information about the type of bankrupcty and type of investment I would say you probably will be limited to 3000 write off a year. You could be able to take more but the information is not detailed enough.


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