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To: Gary Korn who wrote (2443)8/22/1998 9:55:00 PM
From: Bald Man from Mars  Read Replies (1) | Respond to of 12623
 
<< I know. Particularly since you can't hardly take any tax losses, and can't
discharge your federal tax obligations in bankruptcy either. >>

Help me out, man ...
I probably need 20 years to use up my tax loss credit ...



To: Gary Korn who wrote (2443)8/22/1998 10:47:00 PM
From: Rod Neff  Respond to of 12623
 
Gary
The IRS has made it a well kept secret, but you can go bankrupt on federal and state taxes, as long as fraud is not involved, the tax is at least 3 years old, and you have filed for the tax in question at least 2 years ago. They let you keep certain things, but you are pretty much liquidated. A friend of mine had to do it, a great burden was lifted from his shoulders, but it was a last resort option for him.

Rod


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