Ask the Dolans: Can I write off an unpaid loan to a family member?

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Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday.

Click here to ask Ken and Daria your question.

Lending money is a touchy subject and in our current volatile economy, it's not uncommon for family and friends to turn to each other for a loan. We know how much you care for your loved ones, but this can cause significant problems ... especially when that loan goes unpaid.

One WalletPop reader found herself in this situation and wondered about the tax liabilities. Watch our video response below to find out what we advised her to do.

Dear Ken and Daria,

Can I write off an unpaid loan to a family member?

-Kathy



If you do decide to loan money to a family member, protect yourself with Ken and Daria's sample loan note.
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