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Deductions & credits
@toofan1 What section or line of schedule E will reflect that?
There is no section or line on SCH E to reflect that.......it doesn't exist and someone misspoke. For an investor who by definition is not in the RE business......like flipping or building houses......that forfeited deposit is not deductible because the deduction was eliminated by the tax reform act a few years ago. Before that you could write that off as a miscellaneous deduction subject to a 2% AGI floor on SCH A but those deductions were wiped out by congress.
‎July 2, 2021
11:50 AM