I have a loan I made in Dec. 2005 in the amount of $8,500. There is a signed, notarized loan document.
$8,000 remains unpaid. I obtained legal services some time ago to pursue the debt. The court ruled the defendant in default, but she resides in FL, which apparently is a debt haven. (She has a child, which I think is preventing the garnishment of wages.)
I am considering writing this off for a fraction of its value as a deduction, hoping to stick her with it as income.
I need some advice on filling in blanks properly. Parentheses tentative.
Property Description: _____ (Personal Loan, Name) Date Acquired: _____ (Dec. 2005) Cost or Other Basis: ____ ($8,500) Date Sold: _____ ??? Today's Date? Gross Proceeds_______ ($500) Special Type _______ P - Personal etc., etc.
Is this the proper way to get the best advantage from this?
Thanks in advance.