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- Can a $6k loss on a purchased welding machine/asset be used as a deduction on the 2022 taxes?
Can a $6k loss on a purchased welding machine/asset be used as a deduction on the 2022 taxes?
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paulthenumbersg
Level 1
03-23-2023
03:19 PM
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Client purchased asset to be built to specifications. Vendor filed for bankruptcy. Asset not received and ruled a loss by the court.
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itonewbie
Level 15
03-23-2023
03:52 PM
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The vendor defaulted on the contract to deliver the machine. If the T&C's call for the money to be refunded but it has been established that no money was to be returned as a result of bankruptcy, that sounds like a business bad debt to me.
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