Real Estate Investment Deductions
December 21st, 1982
Is Loss of deposit on a pre-construction real estate investment tax deductable?
I paid $5000 to KB Homes in Apr 2006 for a pre-construction single family house in Florida. In May 2007 I decided not to close as the housing market was taking a bad hit and I lost my deposit. Can I make a deduction for $5000 while filing taxes for 2007? Rest of my taxes are very simple and I plan on taking standard deductions. Can I take a deduction of $5000 as any type of investment loss? If yes what section would this loss come in?
If the home was to be your personal residence, the loss is not deductible.
If it was to be investment property, the loss is a Capital Loss subject to normal capital loss limitations.
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