How much money have you lost?

[Martin_Hyde]

@Queen Tonya

I lost nearly $3000.00 helping out some (former) friends.

I know, I know, never a lender nor borrower be, but like a schmuck I did it anyway.

He’d been out of work nearly six months, but she had recently gotten a promotion and payraise so they were making it, just. Three kids between them and she finds out she’s pregnant, they’re renting a house from his mother who decides the perfect shower gift for the new baby is eviction. In November. They needed to buy, nowhere affordable to rent that has space for a family of six, but had nothing for a down payment or closing costs. I watched/listened to them go thru six weeks of financial woes trying to come up with a plan, it was looking like they were going to need to stay in a family shelter for at least a month just to come up with enough money to get properly hosed for not having enough to put down.

I had just re-financed my home, beginning some major renovations, so I had it. It was Christmastime, I didn’t have room to put them up but couldn’t stand to see them homeless, so I offered them a loan. They tearfully accepted and we got them settled into their own home two days before Christmas and a month before she delivered.

That April, come tax return season, I was given a $500.00 check, with promises of regular payments to come. That was 3 years ago and of course there hasn’t been a dime since.

Bit of an expensive lesson, one that I should have known, DID know but went against all my better judgement and did it anyway. I don’t miss the friendship, per se, I was the one to cool it off since that awkward “hey, you owe me money” topic kept getting in the way. I like to think that I helped the kids, at least, it helps to think that anyway.

I’ve always understood that loans like this could be enforced in a small claims court even if there was nothing actually signed? If you felt petty enough to force the issue.

[Otto]

@DKW

Part of the problem is that it’s a complete shot in the dark…

Well if there’s a “shot” then it can’t be as bad as all that, can it?

Adult Video News runs reviews of new titles (you can Google it for yourself; I ain’t linking it) and I’m sure other publications do too. AVN has a scathing review up right now of One Night in China, the amateur porn debut of former pro wrestlers Chyna and X-Pac, which is freakin’ hilarious.

[Queen_Tonya]

@Martin Hyde

I’ve always understood that loans like this could be enforced in a small claims court even if there was nothing actually signed? If you felt petty enough to force the issue.

It’s maybe doable, the court could at least order restitution but I’m not sure the fallout would be worth the likely ten dollar weekly payments, or whatever ridiculously small amount would be set if it even went in my favor.

Our kids go to school with each other still, there’d be issues and it just doesn’t seem worth it to go there. My fault, knew better and did it anyway, so I’ll chalk it up to experience and move on.

[NinjaChick]

Lost a $70 CD player senior year in high school. Some jackass broke into my gym locker and took that and my TI-83. The calculator was back the next day, though.

[Sublight]

@Ringo

10,000 shares of Enron, and now I learn that we can only take a maximum $3000 loss this year. Is that right?

Ringo (just in case you do a vanity search), the rules for this year may have changed, but for the past few years at least the rules have been that while you can only deduct up to $3,000 for investment losses, if your losses are more than $3,000, you can spread the deduction over several years (up to three, I think, for $9,000 total). Ask a tax accountant, you may be able to get more back than you think.

Small consolation, perhaps, but better than none.

[hlanelee]

What does it matter, I’ll feed worms one day anyway.

[Mama_Zappa]

@Sublight

Ringo (just in case you do a vanity search), the rules for this year may have changed, but for the past few years at least the rules have been that while you can only deduct up to $3,000 for investment losses, if your losses are more than $3,000, you can spread the deduction over several years (up to three, I think, for $9,000 total). Ask a tax accountant, you may be able to get more back than you think.

Small consolation, perhaps, but better than none.

Yeah - do a google search on “capital loss carryover”. We had a large “loss” on our share of an inheritance; the executors held onto estate-owned stocks while the market bubble grew then burst. We’ll be taking that carryover for years. I don’t think there’s a $9,000 limit though (but don’t quote me, IANAAccountant).

That estate is one where we “lost” money (as in, could have gotten more); the executors failed to sell things promptly, and sold the decedent’s house for probably less than half the fair-market value. Oh well. It was money we hadn’t earned, and hadn’t counted on, so there was no point in whining about it.

[Ringo]

Thanks for the heads-up, Sublight and Mama Zappa.

[CynicalGabe]

My most recent money-losing disgrace was buying rounds of tequila shots for some Russian girls in a club in Prague, trying pathetically to score. And failing. Miserabley. Spent about $50

[treis]

@dwc1970

I lost about $3000 in 1993 when I helped a friend go in on a so-called get-rich-quick scheme. He talked me into it and it sounded so easy. My better sense of caution, the voice of my conscience telling me that this was a big scam, somehow evaded me at that time.

Sounds like a pretty good get quick rich sceme for your friend.