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Additional Details
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replay1077 | My mom died, I paid off her debts, can I write it off for taxes? |
My mom passed away this year, and I spent about $10k in my own money to pay off her credit card debts, etc. since my dad could not afford to. I spent about $9k of it for 3 credit cards, and $1k for the restaurant after the funeral service. Am I able to write these off for IRS purposes come tax time this year? |
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waggy_33
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No, you in effect made a gift to your mother's estate and the money was used to pay the debts.
You should have let the credit card companies collect from her estate if the cards were in her name. Sine her estate was bankrupt they would have written off the amounts due. If they were in your fathers and mothers name then they would have written off the balance as noncollectable. |
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myersdf
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You may want to check with a CPA or other paid tax-return preparer to verify, but my understanding is that debt is just debt, and carries no tax implications per se. The only debt-related expense I know to be deductible is mortgage interest; credit-card debt interest lost deductibility in 1986 (or thereabouts). Corporations can deduct interest as legitimate business expense,of course. |
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Judy1
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No, those expenses aren't deductible. |
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Lauren P
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I'm a student working on my CPA, the answer to that question is definitely no. |
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WitchTwo
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Now hun you can't. What you can do is see if by doing that you provided more than 50% of your fathers income. If you did you can claim him as a dependent. |
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jinenglish68
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once again the wag master is correct. |
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JamaicaJoe
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I'm thinking not. No insurance on those credit cards? |
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izzy_818
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for the money you spent you should |
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lory
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ha, ha ha ha ,show some respect for your mom dude!! just kidding yeah sure why not!! |
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