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Can I deduct the full amount of a $75K bad debt loan as an ordinary loss on my 2008 taxes?
I made a VERY bad decison and took out $75K of my IRA for a short term loan investment in a business that has now become a longer term loan. I am now on the hook for penalties and taxes for the $75K on my 2008 taxes.The partners in the business have proposed that I write off the $75K as a bad loan so that I can deduct the entire amount as an ordinary loss on my taxes and avoid paying the penalty and taxes. They then propose giving me 25 % ownership in the slowly becoming profitable business.These guys are doing the homework on their end, and I will have a tax accountant look at their proposal once I recieve it, I'm just wondering if any one knows if this is even a possible transaction?

What bad debt loan companies are in ireland?

Bad Debt Loans...are there any agencies that give out loans without credit check in Ireland?

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