- bad debt
bad debt see debt
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- bad debt
n.An uncollectible debt; a debt owed by an insolvent debtor.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 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 DebtCategory: Bankruptcy, Foreclosure & Debt → BankruptcyCategory: Bankruptcy, Foreclosure & Debt → Debt & Collection AgenciesCategory: Bankruptcy, Foreclosure & Debt → Student Loan DebtCategory: Bankruptcy, Foreclosure & Debt → ForeclosureCategory: Personal Finance & Retirement → Money & Taxes for RetireesCategory: Personal Finance & Retirement → Taxes
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 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. Susan Ellis Wild. 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. EdwART. 2013.
Look at other dictionaries:
bad debt — bad debts N COUNT A bad debt is a sum of money that has been lent but is not likely to be repaid. The bank set aside ₤1.1 billion to cover bad debts from business failures … English dictionary
bad debt — n a debt that is unlikely to be paid … Dictionary of contemporary English
bad debt — ► NOUN ▪ a debt that cannot be recovered … English terms dictionary
bad debt — noun count money that someone owes but will never pay … Usage of the words and phrases in modern English
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
bad debt — noun a debt that is unlikely to be repaid • Hypernyms: ↑debt * * * bad debt noun A debt that cannot be recovered and is therefore written off as a loss • • • Main Entry: ↑bad bad debt A debt of which there is no prospect of payment • • • Main… … Useful english dictionary
bad debt — A debt that is written off and deemed uncollectible ( uncollectible account). Bloomberg Financial Dictionary * * * bad debt bad debt ➔ debt * * * When a business recognizes that a debt is unlikely to be repaid, the debt is written off as an… … Financial and business terms
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