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Can you deduct a loan for tax purposes?

Posted 24 May 2015

DANNY GREEN said:
20 May 2015 at 5:03

Im not a credit provider. But what happens if I borrow a friend from my salary a substantial amount of money and he doesn't pay me back. Can I add that as deductible expense?

TaxTim Marc TaxTim Marc said:
20 May 2015 at 8:38

No you cannot, however you could write it off as a capital loss which can reduce your income tax. You will have to prove this to SARS though.

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