I am sorry this investment opportunity did not work out as you would have hoped. The good news is that, as this was an investment property, you can claim the loss on your tax return.
The loss would be treated as a capital loss and reported on Schedule D of your tax return. For the date acquired, you would use the date the money was placed in escrow. The loss would be long or short term depending on how long the funds were in escrow. The cost would be the amount of serious money you put in. The sales price would be zero,
Thank you for joining us at the Ask the Expert event today!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
