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I did a prepaid payment of a order and received only part of the order. I have tried to contact the vendor and got no reply. I would like to write off the undelivered amount since I had to buy the merchandise from another source. I cannot get the vendor to return my money Can I use Schedule C Part V or how do I handle this..
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You actually don't need to "write off" the undelivered portion of your order. If you report the full amount you paid as a Business Expense, you are taking a deduction for the entire order, whether you received it or not. However, if you receive a refund next year, you would need to report the refund as income to offset the expense from this year.
You actually don't need to "write off" the undelivered portion of your order. If you report the full amount you paid as a Business Expense, you are taking a deduction for the entire order, whether you received it or not. However, if you receive a refund next year, you would need to report the refund as income to offset the expense from this year.
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