moe-tor...[at]comcast.net wrote:

- quote -

I chose "None of the above". It's not a casualty loss and it never
was a loan. It's a business expense - the same as it would be if
Fannie Mae had rejected your application or you had found other
financing.

Where you take the expense depends on how your rental business is
setup and the types of returns you file.

Dick

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On Feb 16, 2:26 pm, moe-tor...[at]comcast.net wrote:

- quote -

Wouldn't this just be an expense on Schedule E?

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

Hi,
In 2008 we paid $7500.00 in prepaid loan cost (Third party expenses,
such as appraisal, etc..) to a loan broker,
to secure us a Fannie Mae refinancing loan for our residential
rentals. Later on that national broker house went down and we lost the
money without being able to do the refinancing. Should I treat this
amount as a casualty or as a bad loan? Thanks.

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >