Quote:
Originally Posted by LauraB
Naim, you likely will never see a penny from his bet.
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As such it is an unpaid debt, and may be deductible (Consult a tax professional, this can be complex).
If so, were it me, I would certainly provide John Farr's name in the detailed explanation required by the IRS. There are of course other methods of dealing with an unpaid debt either prior or simultaneous, but providing notice to the IRS is so satisfying because the IRS is so tenacious and thorough and the name is then in their records.