Forclosure purchase

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  • PapaTony
    Junior Member
    • Apr 2009
    • 19
    #1

    Forclosure purchase

    I have a client who purchased a forclosed home and had to pay ~$25k in back payments. That should be added to the cost of the home, no? He wants to make it an expense.
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    • RitaB
      Senior Member
      • Jul 2008
      • 1382
      #2
      Well, of course he does

      He has been talking to Joe Mechanic again. You are correct. Besides, only interest is deductible as an expense anyhow. These people.

      Well, if it's business property, depreciate the principal, but you know all that. I'll shut up now.
      Last edited by RitaB; 04-07-2010, 02:10 PM.
      If you loan someone $20 and never see them again, it was probably worth it.

        Comment

        • PapaTony
          Junior Member
          • Apr 2009
          • 19
          #3
          Originally posted by RitaB
          He has been talking to Joe Mechanic again. You are correct. Besides, only interest is deductible anyhow. These people.
          I don't know if it's the economy, my client demographic or what, but they're coming out of the woodwork.


          PT

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            • RitaB
              Senior Member
              • Jul 2008
              • 1382
              #4
              NT / Don't forget what's important guys

              Yeah, they're everywhere.
              If you loan someone $20 and never see them again, it was probably worth it.

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