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Tax losses for worthless debts often trigger IRS audits. On audit, it is common practice for the IRS to disallow the losses based on the debt not being worthless, the amount of the loss not being correct, and that the taxpayer took the loss in the wrong tax year. Taxpayers can take steps to limit […]
The post Court Says Deduction for Tax Loss Not Allowed for Worthless Debt appeared first on Houston Tax Attorneys: Kreig Mitchell.