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Financial Planning / Tax Strategies


Subject:  Re: Investment TownHouse Tax Loss? Date:  9/23/2005  5:03 PM
Author:  MostCurious1 Number:  80827 of 127549

Hi, Phil
I would think that the position would be:
This was not her first choice property but once she was locked into the purchase contract for #2 and her preferred #1 property became available again she bid on #1 again and purchased #1.
(Closing for #2 was about 10 days before #1)
She also had a commitment to purchase #2, but she never intended to move into #2, once she had #1 locked in again. Evidence of this is that she put #2 on the market again the same day that she closed on #2 and never moved in.
She also inquired about renting it out, but the potential rent would not nearly cover the monthly cost and renting it out might also be a burden in the event of a quick sale.
So, would it not follow, that this was a BAD INVESTMENT and the loss is deductible against any future capital gains or @ $3,000 p.a.?
Thank you for your prompt response and your down in the trenches, experienced reasoning.

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