I just wanted to make sure I'm doing the correct thing. I was told that our loss was tax deductible as a Repayment according to Publication 525 and that it was deductible in 2019 because it was paid in 2019. I don't think I told him that we had a loss on the property. I wanted to make sure that my assumption that we have a loss on the property is correct. We refunded the buyers money in 2019 and it was more than the capital gains that we paid taxes on in 2017 so even though the money was refunded in 2019 it's a loss for the sale in 2017. It is more advantageous for us to amend our 2017 (and 2018) tax returns than to deduct it this year. Thanks for your help.
