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No, unfortunately, the only way you can write it off, is if you are on an accrual basis and you reported the income in 2016. Then, you would write if off in 2017 if the debt became uncollectible in 2017. You make the choice between cash and accrual basis on your initial return and it is difficult to change.
The IRS will not allow taxpayers to write off their time spent as a deduction.
No, unfortunately, the only way you can write it off, is if you are on an accrual basis and you reported the income in 2016. Then, you would write if off in 2017 if the debt became uncollectible in 2017. You make the choice between cash and accrual basis on your initial return and it is difficult to change.
The IRS will not allow taxpayers to write off their time spent as a deduction.
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