Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We paid a contractor a pretty good deposit, they filed bankruptcy and it looks like we will lose it all - court date is next month. Can that amount be filed as a loss on next years taxes? TIA
So you are conducting a business, and you hired a sub-contractor to do a remodel for a client.
Just like any other job: you spend money to do the job, and you receive payment.
All expenses and depreciations are tax write-offs, on your Schedule 'C'.
It is bad that you paid this and the work did not get done. However it happens everyday in some areas. To finish the job for the client, you must either do the work yourself or hire yet another sub to do it.
I thought you said this work was for a business activity?
If it was for your home, then you are out of luck.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
- court date is next month. Can that amount be filed as a loss on next years taxes? TIA
