Bad Debt
If you lent money that you never got back, it’s considered a bad debt. Generally, to deduct a bad debt, you must have previously included the amount in your income or loaned out cash. You must also show that you attempted to collect the debt and that there’s no chance you’ll be able to recoup it.
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4 thoughts on “Every Single Tax Deduction You Could Possibly Ask For”
What a great summary…thank you!
This is extremely concise and helpful!
Much appreciated Very Informative Thanks
Much Appreciated info in a great floor Mate easy to understand I will be asking some questions this year from our tax man this year 2019