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Is a $52188.00 court judgement against a bad contractor (he

 
 
 

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Is a $52188.00 court judgement against a bad contractor (he never paid anything agains this judgement) deductible?

Submitted: 974 days and 6 hours ago.
Category: Tax
Status: CLOSED
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Posted by Mark D 974 days and 6 hours ago.

Response From Expert

Customer

What kind of property was this for (business, investment, personal)? If business, what basis does the business file on (cash, accrual)?

Regards,

Mark D

 
 
 
 
 
 
974 days and 6 hours ago.

Customer Reply

The judgement was for $5,188.00 because of a bathroom remodel. It was not over 50,000.00. This judgement was through our local small claims court. I wanted to know if this is a tax deduction on my return.

 
 
 
 
 
 
Posted by Mark D 974 days and 6 hours ago.

Expert's Answer

Customer

Unless this was considered a theft, you would not have a tax deduction for this. You would increase your basis in your home by any amounts you paid to improve it, which could potentially reduce future capital gains. Please let me know if you have further questions.

Regards,

Mark D

 
 
 
 
 
 
974 days and 6 hours ago.

Customer Reply

Can this be considered a theft, because of failure to complete a contract? and also failure to pay the judgement?

 
 
 
 
 
 

Accepted Answer

Customer

A theft would need to be backed up by a police report. Failure to pay a judgement or complete a contract is not considered theft.

Regards,

Mark D

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Expert: Mark D
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Answered: 9/22/2009

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