How much is stewies deduction for the bad debt, Accounting Basics

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How much is stewies deduction for the bad debt

Question:

Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless.

a. How much is Stewie's deduction for the bad debt for this year? (Assume he has no other capital gains or losses.)

b. What can Stewie do with the deduction not used this year?

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Accounting Basics: How much is stewies deduction for the bad debt

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Accounting Basics: How much is stewies deduction for the bad debt

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