Message Font: Serif | Sans-Serif
No. of Recommendations: 0
irasmilo writes (in part):

Had she actually rented the property (perhaps even if she made a bona fide attempt to rent it), she might have been able to deduct the loss. But, in the absence of clear evidence that this property was used for business or rental purposes, there's no deduction.

I reply:

Is it too late? According to the original poster, the property is on the market but "no nibbles." The original poster predicts a hefty loss when it is eventually sold, but for now that's merely a prediction. So if his daughter takes the property off the market and makes a bona fide attempt to rent it, does the analysis change? Because the difference between being able to claim a $60,000 loss and not being able to claim it may be worth some economic risk. --Bob
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.