making payments
They were actually making payments for 2 years, on this property as it was being built. I can't really tell if it was earnest money. How can I tell whether or not it qualifies for the loss?
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It worked for the banks...
As for the taxpayer, is this basically lost earnest money? Google forum results seem to suggest short term loss on Schedule D for investment property, no deduction for personal home.)Last edited by David1980; 04-08-2009, 06:12 PM.Leave a comment:
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Investment property question
My new clients were going to buy a house in Spain for investment purposes. For 2 years they paid a total of about $6000 toward the purchase.
They traveled there twice to see family and take care of business with the investment property.
On the final trip, they decided not to buy the house after all. The market was bad, the recession, expenses, etc.
They cannot get their money back without a court battle, and are not willing to do court.
I say, too bad, how sad.
Does anyone see that they might be able to take the expenses? I believe travel expense is out, especially since they backed out of the deal. I also believe the $6000 is out because it was their decision to back out.
Why do people think my tax dollars should cover their bad decisions? Is it just me?
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