What is the name of your state? New Jersey
I co-signed for my dependent daughter for a $8,000 dollar car, she was working full-time and responsible. She lost her job and the car was repossessed as a result of this loss. Then in the meantime she tried to claim bankruptcy on said vehicle but the lawyer stated that she couldn't because I co-signed leaving this my responsibility. I then refinanced our home and the judgement came up, I was forced to pay the entire $8,000 from cash out monies, can I claim this on my income tax as a loan to my daughter?
I co-signed for my dependent daughter for a $8,000 dollar car, she was working full-time and responsible. She lost her job and the car was repossessed as a result of this loss. Then in the meantime she tried to claim bankruptcy on said vehicle but the lawyer stated that she couldn't because I co-signed leaving this my responsibility. I then refinanced our home and the judgement came up, I was forced to pay the entire $8,000 from cash out monies, can I claim this on my income tax as a loan to my daughter?