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Related to write-offs: Tax Write-Offs


Charging an asset amount to expense or loss, such as through the use of depreciation and amortization of assets.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


A reduction in an individual's or a company's income as the result of an expense. For example, an unpayable credit sale may be a write-off for the creditor, especially if the debtor declares bankruptcy. The bankruptcy means that the debtor is unable to pay the debt, which results in a loss of income for the creditor. A write-off may usually be deducted from one's taxable income.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


To take an asset entirely off the books because it no longer has any value.If an accrualbasis taxpayer has taken money into income when bills were sent out to customers,but then some of the bills became uncollectible, the taxpayer may write off the uncollectible ones as a deduction against income. Financial institutions are required to write off loans when they become delinquent by a certain amount.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
A category N write-off that has had cosmetic damage repaired will generally be worth around 25 per cent less than a similar vehicle with a clear history.
at 530 (noting collateral source rule's applicability to Medicare write-offs as a first impression issue).
To look into such questions, the authors examined companies that had significant write-offs of goodwill within three years of an acquisition for two different time periods.
"The dollar value of expected write-offs should be consistent with our third quarter experience and, again, we'd expect our bad debt expense to be lower than write-offs."
Cover firms put damaged write-off vehicles into four categories, and most will fall into category C or D, meaning the insurance company felt it uneconomical to repair.
Last year the database held information on 650,000 write-offs.
The number of total losses declared by insurance companies has risen by 86% a year since 1998, meaning write-offs now amount to almost a quarter of all insurance claims.
These write-offs relate to the wet wipes and nonwovens business operations and have no effect on cash flow.
Keeping close track of unpaid balances, write-offs, and refunds is important, and making sure that the latter two are legitimate is critical to survival.
After decades of financial management and accounting weaknesses, information related to aged disbursement and collection activity was so inadequate that DOD was unable to determine the true value of the write-offs. While DOD records show that an absolute value of $35 billion or a net value of $629 million of suspense amounts and check payment differences were written off, the reported amounts are not reliable.