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Posted by Arthur Kamlet on June 12, 2007, 1:06 am
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> I put a 10% downpayment on a condo (pre-construction) I was
> purchasing for speculation purposes in Florida. When the
> construction of the condo was completed, prices of the
> similar units in the complex (still to be built) were down
> about $90k, so i decided not to close and they kept my
> downpayment. My question is related to capital losses.
> Would i be able to deduct this as a capital loss for tax
> purposes? I am assuming it will be a long term loss,
> because the date i made the downpayment and the day the
> money was foreited by not closing were a little over a year
> apart. Can anyone clarify this for me?
True, provided this was not for your own personal use.
So if the IRS should come back and say: Prove this was only
for investment purposes and not for your personal use, how
do you prove that?
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
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