jimc99
Member of DD Central
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Post by jimc99 on Sept 7, 2017 12:55:25 GMT
My 2016/17 tax statement is showing capital losses from some defaulted loans. Most noticeably from "land at Weston Ryn" with 100% capital loss.
I have just noticed this but until recently the above loan was still in "my loans" showing as defaulted or unredeemed. Now it's only shown on my tax statement and nowhere else that I can see on the site.
Should there not be a section on the site for defaulted loans with some explanation of what is being done to recover the loan? As far as I can see it's simply been moved to my tax statement as though it's the end of the story!
Anyone know more about how FS deal with defaulted loans and where on the site they are being shown and commented on?
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jimc99
Member of DD Central
Posts: 284
Likes: 115
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Post by jimc99 on Sept 7, 2017 13:03:59 GMT
Ah...I now see that the loans showing 100% capital loss on my tax statement are shown under "all loans" as being fully recovered!
Bit confusing FS!! Why are the recovered loans shown on my tax statement as a capital loss?
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SteveT
Member of DD Central
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Post by SteveT on Sept 7, 2017 13:09:52 GMT
Ah...I now see that the loans showing 100% capital loss on my tax statement are shown under "all loans" as being fully recovered! Bit confusing FS!! Why are the recovered loans shown on my tax statement as a capital loss? Because it was categorised as Unredeemed (defaulted) at the end of the 2016/17 tax year, so can be claimed as "irrecoverable" in your 2016/17 tax return. Then it was recovered in full during the 2017/18 tax year, so will be listed under "Capital recovered from defaulted loans" if you try generating a 2017/18 Tax Statement.
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