@DaveF1006 Thank you for the quick answer but I respectfully beg to differ. The decision of WHEN a debt is eligible as a tax write off rests with the creditor at the creditor's discretion of the moment in time when one, somewhat arbitrarily so deems the debt to be worthless, un-collectible, etc,
Either way 2010 will NOT be the year to claim it as a tax write off since that is when the initial transaction occurred. Since the debit can't be deemed worthless until after reasonable collections effort has occurred - 2010 is 100% NOT the right answer here.
My question is how far from 2010 can a bad debt be deemed worthless and is there a limitation? 10 years? 20?
