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- Hope credit (now the American Opportunity credit)
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- Nonbusiness bad debt
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Nonbusiness bad debt
A bad debt not connected with your trade or business. An uncollectible loan to a friend or a deposit to a contractor who becomes insolvent are examples. You must be able to show that you tried to collect the debt. When those efforts are unsuccessful, a nonbusiness bad debt is deductible as a short-term capital loss in the year the debt becomes entirely worthless.