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Article Date:
November 2008


Word Count:
625

 

 

Bad Loan


What documentation do I need to write off a loan as bad? In connection with the sale of one of my rental properties, I gave a second mortgage to someone who now is unable to pay. The first mortgage is substantial and most likely will go unsatisfied. The second mortgage loan I made is considerable. (J.H., Las Vegas, Nevada)

 

There are two types of bad debts: business and nonbusiness.

 

The nonbusiness bad debt is deductible in ... Log in to view full article.

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