We have also made many efforts to collect on the note, but without the threat of foreclosure, the LLC efforts on collecting have been unsuccessful. When the foreclosure option is taken off the table, we have very little in the way of leverage. The developer simply says he trying to obtain additional funding to complete the project, but he been unsuccessful. This has been going on for years.
I invested in several trust deeds back in the 2005 2006 time frame. Unfortunately, several of the trust deeds were ultimately foreclosed on. However, there is one trust deed loan Nike Shox Elevate that hasn performed in years, but the investors that made up the beneficiary LLC can not agree on whether or not to foreclose there is some concern about inheriting liability on the unfinished project (primarily taxes).
I don see that a deed of trust has any intrinsic value and I don believe it can be foreclosed. The investors who hold the promissory note will realize the proceeds from foreclosure should they decide to go that route.
non performing for at least 4 years. Does the trust deed have to be transferred or sold before I can claim a loss?
I apologize, in an attempt to offer a brief summary, I left out what was in hindsight, important info the beneficiary LLC does hold a promissory note. We could foreclose if there was a consensus amongst the investors, but one doesn exist. Several investors are extremely reluctant to foreclose because of an existing tax liability on the property, so we sit and wait.
Consult an attorney and your tax pro for definitive answers.
You might be able to take some sort of bad debt write off but you have to make a reasonable effort to collect first. Go to court, get a judgment and make some effort to collect. Only if your efforts prove unsuccessful, can you take a bad debt write off.
Elsewhere, I have some capital gains that I like to recognize if I can offset them with losses from the aforementioned TD. Can I declare the TD substantially worthless for a particular tax year, than if the TD is ever sold, recognize those proceeds as capital gains?
when can I claim a loss
just a legal document signed by the borrower which grants the lender the right to foreclose by power of sale in the event Nike Shox Nz White Ebay
My question is, for tax purposes, when can I recognize the loss associated with that trust deed investment? The loan was made at least 5 years ago and has been Nike Shox R3 Mens
Anyway, the answer to your question is NO. You can just deem your "paper" worthless and take a tax loss before you have actually realized a loss.
So, I don know what parameters must be in place for me to be able to claim that the note is substantially worthless. A certain number of attempts to collect? The passing of a certain duration of time? I recognize that this question may be beyond the intended scope of this forum, but I appreciate the input anyway.
Unless you have something else in your hands, a deed of trust is Nike Shox Black Yellow
I know this is a convoluted question. I hope I was able to articulate the scenario in a fashion that made sense. I also recognize that I should consult my CPA (and I will). I like to get some thoughts from the BP collective as well though as my CPA is very conservative.
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If you just hold the deed of trust, but not the promissory note, then how do you get paid? I don see it.
of default on the loan. No judicial action required.
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