Jim loaned his friend Sam $8,000 several years ago. During the current year, Sam declared bankruptcy and Jim?

Question

Jim loaned his friend Sam $8,000 several years ago. During the current year, Sam declared bankruptcy and Jim was paid $1,000. For the current year, Jim has salary of $80,000 and a long-term capital gain of $15,000. What amount of net loss may Jim deduct for the current year?
$0
$3,000

$6,000.



$7,000.



None of the above.

Answer 1

Do your homework yourself.

Answer 2

Salary is not a factor in net gain/loss. If the $8000 loan was made several years ago, payments should have been made to reduce the balance due. If no payments have been made, the 'loan' should be considered a gift and Jim should not have received anything from the bankruptcy. The maximum net loss an individual may claim in a single year is $3000. With a gain greater than the loss, there should be a net gain, not a net loss. As far as I can tell, the best answer from the options you gave is 'None of the above'.

Answer 3

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