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    #1

    Dont know which way to go

    Father purchase a $30,000 house for his son. Both Father & Son are on the deed. Father set up a $30,000 loan for the son from him to purchase the house. Son failed to pay on the loan or pay the property tax. Since Father owns the also he is responsible for the Property Tax.. Father deeded the house to the son to get out the deal. Does Father has any way to record a loss on his tax return. Loan loss or house loss????????
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    #2
    No loss unless a LOT more went on than you posted. Unless there are spouses involved to spread out the 30K, a gift return should be filed.

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