Mike deducts a bad debt on his 2013 tax return- How many years is the.docx

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Mike deducts a bad debt on his 2013 tax return. How many years is the statute of limitations for the bad debt deduction? a. 7 years b. 3 years c. No limit d. 6 years e. Zero Solution Answer: There is no time limit for taking bad debts deductions. Hence the answer shall be : c. No limit .

Mike deducts a bad debt on his 2013 tax return. How many years is the statute of limitations for
the bad debt deduction?
a.
7 years
b.
3 years
c.
No limit
d.
6 years
e.
Zero
a. 7 years
b. 3 years
c. No limit
d. 6 years
e. Zero
Solution
Answer:
There is no time limit for taking bad debts deductions. Hence the answer shall be :

c. No limit

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