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I paid a builder for some work and he left the state. I sued

I paid a builder for...
I paid a builder for some work and he left the state. I sued him in small claims court and he did not show. The Judge awarded me around $2700, which I will never collect. Can I write this loss off on my taxes?
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Answered in 4 minutes by:
11/21/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C :

Thank you for your question, my name is XXXXX XXXXX I look forward to helping you

Megan C :

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Megan C :

This amount is a bad debt. Provided that this was for personal work done, this would be a non business bad debt

Megan C :

You can write off the amount of the debt on schedule D of your tax return

Megan C :

You can read more about this on tax topic 453 http://www.irs.gov/taxtopics/tc453.html

Megan C :

Do you have any further questions about this?

Megan C :

If no further questions, please rate positive so that I may receive credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Customer reply replied 3 years ago

I looked at the Schedule D and I cannot find where I can write this loss off. Can you please tell me what line numbers? Thank you.

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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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