The amount of judgment is $5,000. It is for an automobile which was totaled and the debtor did not have auto insurance and I did not have uninsured motorist insurance.
Chapter 7 Bankruptcy Attorney
I would assume you could, but this is really a tax question & I am moving it to that area so that the tax experts can help you. Hope this perspective helps!
Yes, but only to the extent the amount written off (less salvage value and less $100), exceeds 10% of your adjusted gross income.
Family Law Attorney
Ask your tax preparer.
Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662. Please be aware that each answer on this website is based upon the facts, or lack thereof, provided in the question. To be sure you get complete and comprehensive answers, based upon the totality of your situation, contact a local attorney who specializes in the area of law that involves your legal problem. Diane L. Gruber has been practicing law in Oregon for 26 years, specializing in family law, bankruptcy, estate planning and probate. Note: Diane L. Gruber does not represent you until a written fee agreement has been signed by you and Diane L. Gruber, and the fee listed in the agreement has been paid.
Criminal Defense Attorney
You can deduct a loss for a business in the year it is worthless. For personal expenses it is called a casualty loss and is a deductible based on some limitations.