Uncollectible promissory note Hello!
I sold my interest in an LLC and received a promissory note for monthly payments. After 5 payments the note became non collectible. The balance is $90k. I use cash method of accounting. Can I write this balance off as a loss against my other income?
The only amount I have previously declared as income was the 5 payments that I did receive.
TIA - your expertise is appreciated. |