How much bad debt loss can juan deduct, Taxation

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How much bad debt loss can juan deduct

Problem: On June 2, 2021, Juan's TV Sales sold Mark a large HD TV on account for $12,000. Juan's TV Sales uses the accrual method. In 2022, when the balance on the account w $8,000, Mark filed for bankruptcy. Juan was notified that he could not expect to receive any of the amount owed to him. In 2023 final settlement was made and Juan received $1,000. How much bad debt loss can Juan deduct in 20237 O5. 512000 Ob. 58,000 Oc $7.000 Od. $0

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