Real Estate Investments In Florida
If the loss of a deposit on a preconstruction real estate investment tax deductible?
I paid $ 5000 KB Homes in April 2006 for the Pre-construction house in Florida. In May 2007 I decided not to strike in the vicinity of the property market was in a bad and I got to my store. I can be a $ 5,000 deduction, while the tax for the year 2007? Rest of my taxes are very simple and I plan, deductions norm. "I can say, a deduction of U.S. $ 5,000 or loss of investment? If so, come what section of this loss?
If the house was his personal residence, is the loss not deductible. If it was an investment property, the loss of a capital loss subject to the normal loss of capital is limited.
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