write off (one's) losses

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write off (one's) losses

1. To record one's financial losses during the accounting process. We've had such a rough third quarter that being able to write off our losses for a tax break is the only upside.
2. By extension, to move on from a situation that has gone badly. I started out as an engineering major, but after failing all of my classes, I decided to write off my losses and switch to communications.
See also: loss, off, write