WordVale

write-off

/ˈraɪt ɔːf/  ·  say it: RY-tawf

a debt or asset officially recognized as worthless

In Banking & Finance

In more detail

1. (noun) a debt or loss that a business or person decides will not be paid back or recovered

2. (noun) a vehicle or item that is so badly damaged that it is not worth repairing

3. (verb) to decide officially that a debt will not be paid or that a loss cannot be recovered

Examples

• The bank took a write-off of $50,000 on that uncollected loan.
• After the accident, the insurance company declared the car a write-off.
• The company had to write off the damaged inventory.

Nearby in Banking & Finance

deficit, venture capital, windfall, nest egg, liability, broker