Purchasing Foreclosure in 2008
Is there a deduction for purchasing foreclose property in 2008?
1
707
cUJ5Siul8qllvkab8P4pmk
02/20/09 9:01am PST
Viewed by asker 02/20/09 10:08am PST
Viewed by asker 02/20/09 10:08am PST
3 Replies
mbrcpa
Questions asked: 7
Questions answered: 60
Points earned: 135
Questions answered: 60
Points earned: 135
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
02/20/09 9:12am PST
I don't believe so.
There are rules about mortgage debt forgiveness related to principal residences foreclosed on, but I haven't seen anything on purchasing foreclosed property. (except - maybe you get a good deal!)
Taxman4him
Questions asked: 7
Questions answered: 504
Points earned: 1320
Questions answered: 504
Points earned: 1320
Accountant Community AllStar
Advisory council of Accountant community power users.
02/20/09 9:40am PST
Page 255 of Pub 17 explains the First time Home buyers credit if you qualify and bought the home after April 8th. Here's the link. http://www.irs.gov/pub/irs-pdf...
Retirement is great. I just wish I had time for it.
Mt Juliet CPA
Questions asked: 62
Questions answered: 13757
Points earned: 29495
Questions answered: 13757
Points earned: 29495
Accountant Community AllStar
Advisory council of Accountant community power users.
02/20/09 9:41am PST
Latest post
mbrcpa is correct I dont think there is a special deduction for foreclosed property
I salute all our current Military and our Veterans.
