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 — A bad debt is an amount that is written off by the business as a loss to the business and classified as an expense because the debt owed to the business is unable to be collected, and all reasonable efforts have been exhausted to collect the… …   Wikipedia

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  • Bad Debt — A debt that is not collectible and therefore worthless to the creditor. This occurs after all attempts are made to collect on the debt. Bad debt is usually a product of the debtor going into bankruptcy or where the additional cost of pursuing the …   Investment dictionary

  • bad debt — An uncollectible debt. A debt which may be deducted from gross income in determining income subject to tax. Anno: 39 ALR2d 898. A debt which is worthless because, in the exercise of sound business judgment, there is no likelihood of recovery… …   Ballentine's law dictionary

  • 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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