What is the name of your state? Oregon
I made an agreement with a Hobby Shop owner, I gave him $10,000, he ordered some items and put them on consignment for me. The agreement was I would get my original money back plus $50 per item sold, if the item sold for more than $50 we were to split the profit 50/50. The owner bought the merchandise, sold all of it and refused to pay me anything. I didn't get my $10,000 back nor any of the profit. I have been trying to contact him for over a year with no response and now his business is closed. Is there anyway I can claim this as a loss on my taxes? If yes, can I claim interest or the attorney fees (for writing letters) as a loss?
Thanks
I made an agreement with a Hobby Shop owner, I gave him $10,000, he ordered some items and put them on consignment for me. The agreement was I would get my original money back plus $50 per item sold, if the item sold for more than $50 we were to split the profit 50/50. The owner bought the merchandise, sold all of it and refused to pay me anything. I didn't get my $10,000 back nor any of the profit. I have been trying to contact him for over a year with no response and now his business is closed. Is there anyway I can claim this as a loss on my taxes? If yes, can I claim interest or the attorney fees (for writing letters) as a loss?
Thanks