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I have loaned alot of money (through bank transfers and western union) to a friend for many years, to help him pay rent, bills, and essentially keeping him alive. This was done not only to help a friend but in the hopes of being paid back with interest from a pending financial investment. There were no papers signed or contracts.
The investment has not come through and he cannot repay me I am sure. I have all of the receipts for all these years which amount to over $100,000.
My question is: am I able to deduct this loss from income tax?
Is there a document he should sign verifying the amount? Maybe notarized?