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Can I claim a loss of $880. cash held in an account with a company for fuel oil, the owner died and the company ceased operation. No fuel oil or money reimbursement.
June 5, 2019
11:49 AM
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Investors & landlords
Yes, that is deductible as a bad debt. It is reported as a short term capital loss on form 8949.
To enter, in TurboTax, type> bad debt, non-business <in the find box. Then click Jump to.
Reference: https://www.lawyers.com/legal-info/taxation/income-tax/deduction-for-non-business-bad-debts.html
June 5, 2019
11:49 AM