| विषय में पृष्ठों की संख्या: < [1 2] | Collection of small amount on job with no PO विषय पोस्ट करनेवाला व्यक्ति: Caroline Moreno
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Marcelo Silveyra
संयुक्त राज्य अमरीका
Local time: 08:14
सदस्य (2007)
जर्मन से अंग्रेजी
+ ...
| I'm afraid you can't write it off at all! | Oct 13, 2007 |
Caroline Moreno wrote:
Marcelo,
I am interested in learning more about how to (and how not to!) write off this type of bad debt on my taxes in the US.
Hi Caroline,
As far as I understand, you can't write it off as bad debt no matter what, because:
"The IRS does not consider the expenditure of time and effort to be a sustained economic loss." (in other words, it doesn't matter if you spent 50 days translating the document in question; you still wouldn't be able to write it off as bad debt)
The only things you would be able to write off, I guess, are postage costs and office supplies, and I'm assuming you didn't have/use any of those. if you did, it's still probably too little to even worry about including it in your deductions. 
[Edited at 2007-10-13 13:50]
| | | | Caroline Moreno 
संयुक्त राज्य अमरीका
Local time: 08:14
चीनी से अंग्रेजी
+ ...
विषय आरंभकर्ता | What publications can I reference? | Oct 13, 2007 |
Thanks Marcelo,
Do you know the specific IRS publication number(s) I can reference for this?
-Caroline
| | | | Marcelo Silveyra
संयुक्त राज्य अमरीका
Local time: 08:14
सदस्य (2007)
जर्मन से अंग्रेजी
+ ...
[Edited at 2007-10-14 00:35]
| | | | Marcelo Silveyra
संयुक्त राज्य अमरीका
Local time: 08:14
सदस्य (2007)
जर्मन से अंग्रेजी
+ ...
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Caroline Moreno
संयुक्त राज्य अमरीका
Local time: 08:14
चीनी से अंग्रेजी
+ ...
विषय आरंभकर्ता
Those are very useful. I've found that I might still be able to write it off:
"Goods that have been sold, but not yet paid for, and services that have been performed, but not yet paid for are recorded in your books as either accounts receivable or notes receivable. After a reasonable period of time, if you have tried to collect the amount due, but are unable to do so, the uncollectible part becomes a business bad debt."
So, in my case, it's "services that have been per... See more Those are very useful. I've found that I might still be able to write it off:
"Goods that have been sold, but not yet paid for, and services that have been performed, but not yet paid for are recorded in your books as either accounts receivable or notes receivable. After a reasonable period of time, if you have tried to collect the amount due, but are unable to do so, the uncollectible part becomes a business bad debt."
So, in my case, it's "services that have been performed, but not yet paid for."
Pub. 535 irs.gov ▲ Collapse
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