LOSSES
CAN YOU DEDUCT PERSONAL LOSS FROM LAND SALE CONTRACT.
MY CUSTOMER WAS SELLING A HOUSE ON A LAND SALE. TEH GUY OWED HIM 24,500. THE GUY WENT BANKRUPT AND MY CUSTOMER CAN'T COLLECT.
CAN HE WRITE THIS OFF SOMEWHERE. THANK YOU
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cLHLBC1nWr3QjyacfA8pyY
11/18/09 11:48pm PST
Viewed by asker 12/01/09 2:37pm PST
Viewed by asker 12/01/09 2:37pm PST
3 Replies
Grafton
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11/19/09 6:18am PST
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ArchieLeach
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11/19/09 7:19am PST
Had he previously reported the $24,500 as income?
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PhoebeRoberts
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If he was selling the house on land contract, he got the house back. That's the whole point of land contract.
The repossession pub addresses how to handle things, including calculating the new basis in the house.
If I wanted phone calls, my phone number would be in my profile. If you have a question, post it in the applicable forum.
