Your client loaned someone $10,000 in 2017. The loan had a contract, a set payment schedule, and a set interest rate. In 2022 the loan had an outstanding balance of $1,500. The loan was listed in a bankruptcy and forgiven. There can be no further collection attempts to obtain the remaining amount. What can your client list on their tax return in 2022? Nothing, no loss is allowed $1,500 ordinary loss $1,500 long-term capital loss $1,500 short-term capital loss