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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 brother in law? Then you could garnish his wages and seize his bank account

Sub: #1 posted on Wed, 02/17/2010 - 13:29

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