Discusses the credit nondischargeability provisions of the Bankruptcy Code in the U.S. and the instances that a vendor may use to have the claim survive the bankruptcy. Payment of other creditors with proceeds from vendor's product; Elements of a nondischargeable action....
The IRS allows you to deduct from your taxable income a capital loss, for example, from a stock or other investment that has lost money. Here are the ground rules: An investment loss has to be realized. In other words, you need to have sold your stock to claim a deduction. You can’...
You should also exercise caution if you receive any letters or emails that suggest you can be reunited with some unclaimed property for a fee – it's likely a scam. And keep in mind that if you have a financial planner, they may be able to help you claim your money, too. A...
When a company files for Chapter 11 bankruptcy, investors have basically two choices: ride it out to the end, hoping the company will revive, or just bail and take the loss. Riding it out can be equally risky as existing equity shares are often canceled during bankruptcy. The probability of...
If your rental house is foreclosed on, the IRS views it as a sale. This requires you to report the gain or loss you incur on your tax return. However, the foreclosure increases the complexity of the transaction for tax reporting purposes since you must consider other factors, such ...
forbearance. If a claim was approved, government-backed mortgage borrowers were allowed to defer payments for up to 360 days, avoid late payment fees, avoid eviction from their home, defer any foreclosure proceedings already in process, and halt the pre-foreclosure phase for any new proceedings....
Synthetic identity theft can be used for a variety of purposes, such as opening new accounts, taking out loans, and even filing for bankruptcy. 5. Child Identity Theft Child identity theft is when criminals use a child’s identity to commit fraud. It’s much easier for criminals to use ...
If you realize you could have reported and taken a deduction for an unpaid debt years ago but didn't, you generally have only three years to amend your return in order to claim it on your tax return. TurboTax Tip: A bad debt deduction must be taken in the year it becomes worthle...
have held a Lloyds Bank current account for at least one month. be in paid employment or have a regular income and are not a full-time student. have a good credit score, with no history of poor credit, such as County Court Judgements (CCJs) or bankruptcy. ...
A tax lien is a claim against the assets of an individual or business who fails to pay their tax debt to the government. This is related to but different from a tax levy, which is the act of taking the property if the subject of a lien neglects to make arrangements to settle their ...