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.


:helpme

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.

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

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 :)

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

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.

Ouch 3 audits in 5 years.. I hate those:(

What he said...

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