bad debt

bad debt
bad debt see debt

Merriam-Webster’s Dictionary of Law. . 1996.

bad debt
I noun dishonored bill, inconvertible bill, irredeemable bill, irretrievable debt, loss, outstanding debt, protested bill, uncollectible debt, write-off associated concepts: bad debt loss, bad debt tax deduction II index nonpayment

Burton's Legal Thesaurus. . 2006


bad debt
n.
An uncollectible debt; a debt owed by an insolvent debtor.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


bad debt
A debt that can't be collected. A business that is owed a bad debt may deduct it from ordinary income. A lender who made a personal loan that has become a bad debt may deduct it as a short-term capital loss. In some cases, the debtor must claim the amount of the debt as income — and pay tax on it — in the year when the business or lender writes off the debt as uncollectable.
Category: Back Taxes & Tax Debt
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy
Category: Bankruptcy, Foreclosure & Debt → Debt & Collection Agencies
Category: Bankruptcy, Foreclosure & Debt → Student Loan Debt
Category: Bankruptcy, Foreclosure & Debt → Foreclosure
Category: Personal Finance & Retirement → Money & Taxes for Retirees
Category: Personal Finance & Retirement → Taxes

Nolo’s Plain-English Law Dictionary. . 2009.


bad debt
n. An uncollectible debt arising due to the debtor's refusal to pay, insolvency, or bankruptcy.

Webster's New World Law Dictionary. . 2000.

bad debt
n.
   an uncollectible debt. The problem is to determine when a debt is realistically dead, which means there must be some evidence of uncollectibility or a lengthy passage of time. Discharge in bankruptcy, the running of the statute of limitations to bring a lawsuit, disappearance of the debtor, a pattern of avoiding debts or the destruction of the collateral security can all make a debt "bad." For income tax deduction purposes such a debt in business is deductible against ordinary income (found in federal income tax Form 1040 Schedule C) and such a personal debt is deductible against short-term capital gains. A debt due for services rendered is not a bad debt for tax purposes, since there is just no income on which to be taxed.

Law dictionary. . 2013.

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Look at other dictionaries:

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  • bad debt — UK / US noun [countable] Word forms bad debt : singular bad debt plural bad debts business money that someone owes but will never pay …   English dictionary

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