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Do you get any tax deductions for loan charge off?

Ross Pratt

in Student Loans

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1 answer

Kyle Mckinney on January 16, 2019

Assuming that your lender that you may be able to deduct the value of the assets they already have no chance to be recovered. Also, if you already recognized any income (under your method of accounting) that you pay taxes in and then in reality it is not received, it may take too much.. Obviously, all the documentation requirements and all events test must be met, and you must have income of the right type and time to use the expense against. Small compensation...lose $1 and maybe, if you can get a 25c tax and perhaps the return of tax previously paid over.

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