Message Font: Serif | Sans-Serif
No. of Recommendations: 0
If you claimed the expenses of looking for a property you intended to buy but did not, it would be a miscellaneous deduction on Schedule A, and subject to the amount that exceeds 2% of your AGI.
Assuming you have investment income of some sort or another that would be more than the deduction, I don't see much difference between deducting the Wall Street Journal which you intend to read every day looking for stocks to buy and sell but usually don't, and considering buying property but deciding, after due consideration, not to go through with a deal.
Of course, if your looking for property means trips to Vail, Lake Tahoe, etc. and you stay in nice hotels for a week each time, but don't buy anything, I suspect the deduction would not stand up to an audit!
Best wishes, Chris
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.