Posted by Jason_ga on December 02, 2000 at 17:37:36:
paul, im sure i speak for other people here too when saying, i think i would need to know what type of situation. give the specifics, and let’s see…
Real estate LOSS on investment! - Posted by Paul - East texas
Posted by Paul - East texas on December 02, 2000 at 15:51:35:
I need to know if anyone has any ideas on how to claim a real estate loss in an investment that I am currently doing. I am suffering a loss in this one investment and would like to know if I can write it off my taxes this year and how. Or if anyone out there knows of a good tax web site.
Thank you
Re: Real estate LOSS on investment! - Posted by Bud Branstetter
Posted by Bud Branstetter on December 03, 2000 at 22:10:28:
Get with you tax advisor to see if you can sell to a friend or relative this year so that you can take the write off. It’s been done with stocks for years.
Re: Real estate LOSS on investment! - Posted by Merle
Posted by Merle on December 03, 2000 at 13:54:51:
I can’t imagine anyone trying to do real estate investing without the assistance of a very competent tax accountant. Your tax planning should be a very high ranked integral part of your business operation.
Consulting with the general public on a tax matter would be like asking the people on the street what you should do to treat a terminal illness.
My experience has been that good CPA’s make you money … not cost you money.
Merle
Re: Real estate LOSS on investment! - Posted by Dave T
Posted by Dave T on December 03, 2000 at 24:44:34:
You can only take a tax loss after you sell your investment property. If you have not sold the property, your loss is only a paper loss and not deductible.