Distribution of a Bad Personal Loan A friend borrowed quite a lot of money from me over a period of months to get through a period of unemployment and I have since found him to be a deadbeat. (To say it mildly)
I understand that I can deduct up to $3,000.00 from my gross income for this bad loan. But, if the loss is considerably more than that, is there a way to distribute the loss over multiple tax years? |