GeorgeM Posted April 2, 2014 Report Posted April 2, 2014 I have a client that loaned her son 10k for a car, he only paid back 5k can she write this off as a bad debe, and how. This was all done through a loan at the bank. Quote
Max W Posted April 2, 2014 Report Posted April 2, 2014 She can write it of, but she may not want to. A serious effort has to be made to collect the debt to show that is not collectible- such as demand letters, small claims court, collection agency, etc. Quote
Jack from Ohio Posted April 3, 2014 Report Posted April 3, 2014 Personal loan. Loss is personal. Not deductible under any circumstances. She is not a loan company or a car dealer. Personal all the way. She should go get the car. 2 Quote
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