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Get your taxes done using TurboTax
If you made a personal loan that is now completely worthless and you made all attempts to collect, then you would write it off as a non business bad debt.
To do so select the following:
- Deductions and Credits
- Non Business Bad Debt under Other Deductions and Credits
- Walk through the steps and answer the questions on the debt.
How to Report Non-Business Bad Debt on a Tax Return
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March 28, 2025
6:22 AM