Legal Question in Tax Law in Florida

2002 I loaned $20,000.00 to a member of my family, for a business and it failed, loosing all the money. Question: can I write this off in taxes as a bad investment or what recourse do I have?

Asked on 8/31/10, 8:01 am

1 Answer from Attorneys

Alan Wagner Wagner, McLaughlin & Whittemore P.A.

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If it was a loan, it was not an investment, so you can't write it off as a bad investment.

Answered on 9/06/10, 6:51 pm

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