defaulted loan to 501c

kimk1 · ‎March 17, 2020

We loaned a 501c3 $100,000. We have a payment schedule and promissory note. He is defaulting. Can we deduct the amount that has been due and not paid on our taxes?

MinhT1 · ‎March 17, 2020

Yes, you can deduct this non-business bad tax under certain conditions.

Please read this TurboTax article for more information.

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View solution in original post

MinhT1 · ‎March 17, 2020

Yes, you can deduct this non-business bad tax under certain conditions.

Please read this TurboTax article for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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defaulted loan to 501c