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Anglis
Level 4
July 2, 2020
Question

Can a taxpayer claim the non business bad debt for being scammed by a contractor that never completed job in home? He never returned and homeowner paid him > $17,000

  • July 2, 2020
  • 2 replies
  • 28 views
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2 replies

qbteachmt
qbteachmt
Level 15
July 2, 2020

It's not bad debt; it's personal theft loss and this is not deductible. See the IRS resources, such as:

https://www.irs.gov/taxtopics/tc515

 

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    George4Tacks
    George4Tacks
    Level 15
    July 2, 2020

    File a claim with your state contractors licensing agency. File at least in small claims court to establish a valid debt, then maybe you can claim a casualty loss due to theft. 

    Answers are easy. Questions are hard!
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