#406 Scams, Loses, Theft and More - Must Know Tax Information
Main Street Business
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Non-Business Bad Debt Loss
If you were in a yield situation, at least your beginning basis of what you started with or had claimed as income along the way, is going to be a write off. The non-business bad debt loss has to be deemed worthless before it can be taken on tax return. You're waiting because we don't know what your ultimate loss is until that point. So the loss you are going to take will certainly be next year in 2023, not on your 2022 tax return.
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