Bad debt deduction IRS
Date: Wed, 02/17/2010 - 12:21
Hi, 3 years ago I loaned my brother in law about 30 g's. I did not have the money, so I stupidly took out a unsecure loan. He was supposed to pay it back within 6 months, as he said he had some business he was doing. He has never paid a dime, and I have made every attempt to get him to pay it off, and he refuses to even make the minimum payment. I have made payments of about 13,000 so far. My question is...How much, if any, can I deduct as a "bad debt" for tax reasons? All 30 or just what I have paid?
You cant deduct any of it.... Have you thought of suing your br
You cant deduct any of it....
Have you thought of suing your brother in law? Then you could garnish his wages and seize his bank account
