I put down a deposit on a new construction home. When the market slowed/halted the house was overpriced and the builder would not negotiate. I then cancelled/ or was forced to cancel and lost my deposit. Is there some write off for this?
2007-02-27 09:17:01 · 4 answers · asked by help with taxes 1 in Business & Finance ➔ Personal Finance
if this is for business, yes you can claim for loss. If it for personal matter, sorry...you can not do it. Loss is loss.
Hope your situation will getting better. Thanks
2007-03-07 07:03:12 · answer #1 · answered by flower 2 · 0⤊ 0⤋
I lost my job in 1996 and had put money down on a townhouse. Based on the information my tax accountant provided you cannot. However, the laws may have changed and when doing your taxes you may want to ask a tax professional.
My tax guy told me that because I had not yet purchased the home, you cannot write off this loss. At the time you may have been able to get out of the contract with some help of an attorney.
2007-03-03 19:29:48 · answer #2 · answered by allyinminneapolis 4 · 0⤊ 0⤋
You backed our of the contract so you gave the money to the builder.
2007-03-07 13:49:43 · answer #3 · answered by Bettee62 6 · 0⤊ 0⤋
No. Sorry about that.
2007-03-04 22:11:18 · answer #4 · answered by Duane R-H 2 · 0⤊ 1⤋