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?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.