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kimk1
Level 1

defaulted loan to 501c

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?

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‎March 17, 2020 3:14 PM
last updated ‎March 17, 2020 3:14 PM
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MinhT1
Expert Alumni
Expert Alumni

defaulted loan to 501c

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

 

Please read this TurboTax article for more information.

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‎March 17, 2020 3:34 PM
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MinhT1
Expert Alumni
Expert Alumni

defaulted loan to 501c

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"
‎March 17, 2020 3:34 PM
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