Posted by Rich-CA on October 02, 2008 at 22:16:02:
I believe there is a line for any bad debt you have written off on the business form (I forget, but I think its Sched C, perhaps someone who remembers can chime in here).
Write off bad debt - Posted by Dave
Posted by Dave on October 01, 2008 at 17:23:50:
I loaned money and took a second mtg as security. Borrower defaulted on first and second. Property went down in value. First foreclosed. No equity for second. Can I write this off taxes as bad debt? Thanks