- Repossessions and bad debts can result in potential income tax write-offs
- For Florida sales and use tax purposes, a credit or refund can be claimed for repossessions and bad debts
- The Florida Department of Revenue may scrutinize and disallow the credit or refund
- Repossessions involve calculating the amount of sales and use tax credit using Form DR-95B
- The calculation method on Form DR-95B is complex and involves various steps
- The credit or refund must be claimed within twelve months following the month in which the property was repossessed
Source: floridasalestax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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