I realize if a realtor was holding a piece of property and it is involved in a short sale the property loss could be an ordinary loss. When i refer to propery i was assuming a lot or acerage with no depreciation or amortization.
I have a case where the realtor along with his brother bought a condo in FL for $625,000 and it is being short saled for $200,000. They bought this back in 2007 and when they couldn't flip it they started renting out the unit. Will the loss on this unit be capital or ordinary loss?
I have a case where the realtor along with his brother bought a condo in FL for $625,000 and it is being short saled for $200,000. They bought this back in 2007 and when they couldn't flip it they started renting out the unit. Will the loss on this unit be capital or ordinary loss?
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