Lost rebill tax question - GoFuckYourself.com

debbieN · 01-28-2004, 09:03 PM

can you deduct, as a business loss, rebill losses?

I can document a loss of x,xxx$ per month for Probilling, can I not now begin to deduct that?

All you sharpies out there let me hear your take.

debbieN · 01-28-2004, 09:14 PM

Hey, it's tax season!

I deducted my losses from Lancelot Securities. It flew through even though I've been audited 3 times in the last 5 years.

Yet.

russian_agent_69 · 01-28-2004, 09:21 PM

What did you do to deserve such royal treatment from the IRS?

debbieN · 01-28-2004, 09:28 PM

A few things.

All in the past, but the IRS is an elephant.

1. Not filing one year. Then filing and paying.
2. Alot of unexplaned cash into checking and savings accounts. (stupid)
3. quick-claim deeds for low money in transfer.

need I go on?

QualityMpegs · 01-28-2004, 09:42 PM

Quote:

Originally posted by debbieN
A few things.

All in the past, but the IRS is an elephant.

1. Not filing one year. Then filing and paying.
2. Alot of unexplaned cash into checking and savings accounts. (stupid)
3. quick-claim deeds for low money in transfer.

need I go on?

yes please...go on...we'd like to know what not to do

Smokey The Bear · 01-28-2004, 10:33 PM

I killed myself years ago. It really helps on the taxes.

Rask · 01-30-2004, 09:42 AM

If you were looking for a serious answer on that tax question, it's no. Lost rebills is income you did not receive. It won't show up on your 1099. If you wanted to still report it as income and then report the offsetting loss, I suppose you could, but the end result is the same as not reporting it as income in the first place.

strobi · 01-30-2004, 10:05 AM

Quote:

Originally posted by debbieN
Hey, it's tax season!

I deducted my losses from Lancelot Securities. It flew through even though I've been audited 3 times in the last 5 years.

Yet.

Ouch 3 audits in 5 years.. I hate those

Catalinas · 01-30-2004, 10:15 AM

Quote:

Originally posted by Rask
If you were looking for a serious answer on that tax question, it's no. Lost rebills is income you did not receive. It won't show up on your 1099. If you wanted to still report it as income and then report the offsetting loss, I suppose you could, but the end result is the same as not reporting it as income in the first place.

What he said...

Probono · 01-30-2004, 10:25 AM

Quote:

Originally posted by Catalinas

What he said...

Correct, you never received the income so you cannot deduct the income

01-28-2004, 09:03 PM	#1
debbieN Confirmed User Join Date: Jan 2003 Location: FL, NC(I burned this down), MI Posts: 1,193	Lost rebill tax question can you deduct, as a business loss, rebill losses? I can document a loss of x,xxx$ per month for Probilling, can I not now begin to deduct that? All you sharpies out there let me hear your take. __________________ don't rent the top room at the Luxor ______________________ Debbie Nomad's Evil Hobby

01-28-2004, 09:14 PM	#2
debbieN Confirmed User Join Date: Jan 2003 Location: FL, NC(I burned this down), MI Posts: 1,193	Hey, it's tax season! I deducted my losses from Lancelot Securities. It flew through even though I've been audited 3 times in the last 5 years. Yet. __________________ don't rent the top room at the Luxor ______________________ Debbie Nomad's Evil Hobby

01-28-2004, 09:28 PM	#4
debbieN Confirmed User Join Date: Jan 2003 Location: FL, NC(I burned this down), MI Posts: 1,193	A few things. All in the past, but the IRS is an elephant. 1. Not filing one year. Then filing and paying. 2. Alot of unexplaned cash into checking and savings accounts. (stupid) 3. quick-claim deeds for low money in transfer. need I go on? __________________ don't rent the top room at the Luxor ______________________ Debbie Nomad's Evil Hobby

01-30-2004, 09:42 AM	#7
Rask Registered User Join Date: Sep 2003 Location: Michigan Posts: 10	If you were looking for a serious answer on that tax question, it's no. Lost rebills is income you did not receive. It won't show up on your 1099. If you wanted to still report it as income and then report the offsetting loss, I suppose you could, but the end result is the same as not reporting it as income in the first place. __________________ Blue Wave Adult Links http://www.bluewavelinks.com/

01-28-2004, 09:21 PM	#3
russian_agent_69 So Fucking Banned Join Date: Oct 2002 Posts: 247	What did you do to deserve such royal treatment from the IRS?

01-28-2004, 10:33 PM	#6
Smokey The Bear So Fucking Banned Join Date: Dec 2003 Location: South Of Heaven™ Posts: 3,880	I killed myself years ago. It really helps on the taxes.