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Posted by way222 on February 17, 2007, 4:58 am
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My wife and I own several rental properties. Don't know if
this is relevant, but she works full time in the real estate
business, splitting time between working as a real estate
agent (1099), doing occasional assignments involving
mortgages (1099), and managing our own properties. We do a
schedule C for her every year for her activities.
We signed contracts to buy 2 condos for investment purposes.
For various reasons, we opted not to go through with one of
the purchases, and as a result wound up losing part of the
deposit.
Can I deduct this lost deposit? Does it constitute a
business expense? If I can deduct it, where would it go?
Thanks for your advice.
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