Bad debts
https://falconcpa.com/wp-content/themes/osmosis/images/empty/thumbnail.jpg 150 150 speakeasy speakeasy https://secure.gravatar.com/avatar/1ee8bd3c861e30321e8b5e706cf7b0e5?s=96&d=mm&r=gQuestion: I made a loan to a relative that will never be repaid. Can I take a deduction for this bad debt on my tax return? Answer: Your loss might qualify as a nonbusiness (personal) bad debt deduction. You can take a tax deduction for a nonbusiness bad debt only in the year it becomes…
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