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benefits from purchasing the foreign debt (credit card individual bad debt)
Hello everyone,
I am curious about the potential benefits from purchasing the foreign debt (credit card individual bad debt) for individual person or a company. Would that be possible to write off this bad debt and cut the base of income tax? As an example the Germany based person purchase will buy distressed UK individual credit card debt and after sometime announce it as doubtful debt and make write off.
I would be grateful for all advices.
Regards
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Registered User
Array
Would the amount you save in taxes from writing off the bad debt be greater than or less than the cost of acquiring the debt in the first place?
To the extent that your tax code allows you to deduct contributions to charitable organizations, I would think you would be better off giving your money to them than in spending it to acquire bad debts....
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