I loaned a friend $2,100. The friend files bankruptcy and is unable to pay me back. Is this a tax deductible expense?

MrItty replied to post #2: 3 Because your friend isn't a debtor. He's a friend. And giving a gift to your friend isn't a tax-deductible gift, no matter what he does with it.

Giving a gift to a charity is tax deductible, but if and only if that charity has filed the necessary 501(c)(3) paperwork and gotten tax-exempt status from the government. A Capitol Loss is when you purchase an investment (stock, bond, mutual fund) and lose money after selling it. Giving your friend $2000 isn't a purchase of an investment.

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