I made a "foolish" personal loan of $3000 to someone I considered a friend, a loan agent who worked mostly with re-fi's. The money was to be used to help pay closing costs on investment property. I ended up with a bogus promissory note, and she disappeared. All attempts to reach/trace her over many months failed. Can this money be written off as a business or personal loss? See "nonbusiness bad debts" in Pub 550.Phil
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