I had a client default on a $100,000 loan. Can my firm issue the client a
1099 for the defaulted loan amount. Can I write off the note against my
company's revenue?
I've gotten some great feedback on this site.
Thanks,
Keith Gilabert
These questions would best be answered by your CPA or tax professional. If
you think the debt is uncollectable, then you may be able to issue a 1099,
although that may impair your ability to collect in the future, so you should
consulting with you attorney or CPA to determine if a 1099 is something you
need to issue in order to write it off as a loss.
Jason Milleisen, Founder, Distressed Loan Advisors
DLA | Performer | 5/17/2012 - 7:48 am
you think the debt is uncollectable, then you may be able to issue a 1099,
although that may impair your ability to collect in the future, so you should
consulting with you attorney or CPA to determine if a 1099 is something you
need to issue in order to write it off as a loss.
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