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Investment deal that turned sour

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    #1

    Investment deal that turned sour

    In 2006 Client took 40 grand from his 401k plan and invested in real estate hoping that he will be able to flip it. The deal fell through and the dealer did not insist on the client to honor the contract. The dealer did not provide any paper work to substantiate the closing of the deal
    Can the client claim any loss?


    brian
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash
    Tags: None
    #2
    Explain, please?

    Originally posted by Brian EA View Post
    In 2006 Client took 40 grand from his 401k plan and invested in real estate hoping that he will be able to flip it. The deal fell through and the dealer did not insist on the client to honor the contract. The dealer did not provide any paper work to substantiate the closing of the deal
    Can the client claim any loss?

    brian
    If the deal fell through, does he therefore not still own the house?
    ChEAr$,
    Harlan Lunsford, EA n LA

    Comment

      #3
      Originally posted by ChEAr$ View Post
      If the deal fell through, does he therefore not still own the house?
      No sir,. He owns nothing.
      he is fortunate that the dealer allows him to get out

      brian
      Everybody should pay his income tax with a smile. I tried it, but they wanted cash

      Comment

        #4
        Come on Folks, I need some help here.

        I need to tell my clients somthing tomorrow.


        OH LORD--- PLEASE HELP I AM A COUNTRY BOY

        brian
        Everybody should pay his income tax with a smile. I tried it, but they wanted cash

        Comment

          #5
          papers

          Surely there was some form of paperwork. Canceled check,

          Who did he pay the money to, why did the "deal" fall through?

          Sounds like a "scam", take the money and run, no title transfer, no contracts, no escrow.

          Sandy

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