Can I report my loss of contract deposit for tax deduction?
Last year, I gave up my contract deposit ($10000) when I had to back out my offer in buying a house.
My realtor was so aggressive as to blindly let me go into a bad deal for buying an investment property.
Can I report my loss of contract deposit for tax deduction?
2007-02-14 18:07:54 · 5 answers · asked by mounties 1 in Business & Finance ➔ Taxes ➔ United States
if it was for your home then no, you cant.
if it was for investment property, you could report it as a short-term capital loss on Schedule D.
2007-02-14 18:14:58 · answer #1 · answered by tma 6 · 0⤊ 2⤋
most losses can be deducted, to the extent of the deduction is the question,, was the investment in a tax credit, was it ernest money for a venture, if you really feel the deal was bad and the agent new this you may even be able to collect the money back.
2007-02-14 18:16:05 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Thefts, fireplace, floods, and different casualty losses are deductible on schedual A. only follow the rules. (If any of this volume replaced into recovered you may in elementary words record the quantity lacking. you'll want information of the loss in adventure of an audit.)
2016-11-03 12:17:50 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Sorry, but that's not deductible.
2007-02-14 22:51:43 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
no you can,t
2007-02-14 18:10:59 · answer #5 · answered by annjilena 4 · 0⤊ 0⤋