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Jezebel loaned her friend $7,000 to buy a used car. She had her friend sign a note with repayment terms and set a reason
Posted: Thu Apr 28, 2022 11:17 am
by answerhappygod
- Jezebel Loaned Her Friend 7 000 To Buy A Used Car She Had Her Friend Sign A Note With Repayment Terms And Set A Reason 1 (249.96 KiB) Viewed 35 times
Jezebel loaned her friend $7,000 to buy a used car. She had her friend sign a note with repayment terms and set a reasonable interest rate on the note because she wanted her friend to understand that this was purely a loan and not a gift. Her friend is now on disability and has made it clear she has no way of paying back the loan. How should Jezebel treat the bad loan for tax purposes?