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HOW TO WRITE OFF A DEBT OWED TO YOU RRS feed

  • Question

  • IF I OWNER FINANCED A VEHICLE YEARS AGO AND IT WAS NEVER COMPLETELY PAID BACK TO ME, HOW DO I WRITE OFF THE BALANCE OF THE DEBT IN MSMONEY PLUS DELUXE VERSION 17.0.120.3817?
    Tuesday, October 27, 2015 3:25 PM

All replies

  • How did you enter the loan into Money?

    If you used an asset account, I would think that you would create an expense entry that balances the account to zero.

    If it were a loan account, you could right-click in the register and enter a transaction, selecting Other as the type. Then you could select the expense.

    If you are going to take this as a loss on your income tax,  read https://www.irs.gov/pub/irs-pdf/p4681.pdf

    Tuesday, October 27, 2015 5:31 PM
    Moderator