Joe Biden Tax Relief 2020

Forum|Forum|4 years ago
July 26, 2021
3 replies
9 views

A client told me that she saw a commercial about a tax relief fund for those who know someone who owes them money and they know they won't get it back they can write off up to $3,000. I've never heard of this, nor can find any information as such. Has anyone heard of this?

Thanks.

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T

TaxGuyBill

Level 15

That's nothing new; that sounds like a non-business Bad Debt.

https://www.irs.gov/publications/p550#en_US_2020_publink100010564

https://www.irs.gov/taxtopics/tc453

https://www.law.cornell.edu/uscode/text/26/166

Just-Lisa-Now-

Intuit Community Champion

$3000 is the amount of capital losses one can take per year.

So if you invested money that you won't ever get back, that could be a capital loss that you could deduct up to $3000 per year until its used up.

Its not new nor does it have anything to do with Biden.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

qbteachmt

Level 15

"nor can find any information as such"

https://blog.taxact.com/tax-deductions-non-business-bad-debts/

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