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Updated over 7 years ago on . Most recent reply presented by

Brandon Shewbridge's profile image
Brandon Shewbridge's profile image
Brandon Shewbridge
  • from Virginia Beach, Virginia
  • Member since Jun 16, 2016

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Brandon Shewbridge's profile image
Brandon Shewbridge's profile image
Brandon Shewbridge
  • from Virginia Beach, Virginia
  • Member since Jun 16, 2016
Brandon Shewbridge
  • Virginia Beach, VA
20
Votes |
44
Posts
Tax, SDIRAs & Cost Segregation

OK Tax Gurus - Here's One For You

Brandon Shewbridge
  • Virginia Beach, VA
Posted

Scenario

A 401K loan was for partial funding on a personal hard money loan.  The loan was defaulted on and the result was a total loss. The 401K loan was converted to a distribution when switching jobs so prepayment penalties were incurred.  Can the early withdrawal penalties be claimed as a loss for the year in which they are paid?

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Brian Eastman's profile image
Brian Eastman's profile image
Brian Eastman
  • Self Directed IRA & 401k Advisor
  • from Wenatchee, WA
  • Member since Jul 15, 2014

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Brian Eastman's profile image
Brian Eastman's profile image
Brian Eastman
  • Self Directed IRA & 401k Advisor
  • from Wenatchee, WA
  • Member since Jul 15, 2014
Brian Eastman
  • Self Directed IRA & 401k Advisor
  • Wenatchee, WA
2,540
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2,879
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Brian Eastman
  • Self Directed IRA & 401k Advisor
  • Wenatchee, WA
Replied

@Brandon Shewbridge

Nope

1 Vote
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