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#41
07-15-2008, 04:48 AM
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 Re: Can this be claimed as a loss? Dick Adams wrote: - quote - > John Smith <jsmith[at]company.com> wrote:
reason is not. Certain personal losses are deductible (see> > I signed an contract to purchase a condo as a rental unit. > > Due to financial difficulty, I was not able to close it > > and lost the down payment. > > > Can the lost down payment be claimed as a loss? On what > > form or schedule? Thanks. > Unfortunately this is a personal loss and personal losses > are not deductible. > Dick Technically, your conclusion on deductibility is correct but the casualties and thefts). This loss is not deductible because it is not a loss on investment property but rather a loss on "personal-use" property. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#40
07-15-2008, 12:58 AM
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| Re: Can this be claimed as a loss? John Smith <jsmith[at]company.com> wrote: - quote - > I signed an contract to purchase a condo as a rental unit.
Unfortunately this is a personal loss and personal losses> Due to financial difficulty, I was not able to close it > and lost the down payment. > Can the lost down payment be claimed as a loss? On what > form or schedule? Thanks. are not deductible. Dick -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#39
07-14-2008, 09:21 PM
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| Can this be claimed as a loss? I signed an contract to purchase a condo as a rental unit. Due to financial difficulty, I was not able to close it and lost the down payment. Can the lost down payment be claimed as a loss? On what form or schedule? Thanks. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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