mossum
Returning Member

Can I deduct a loss incurred in a failed real estate property purchase transaction? Where?

I attempted to purchase a rental property in 2015 but had to forfeit my good faith deposit when the cost of the rehab work necessary to make it rentable just didn't pencil out. I believe I can deduct that loss, and forgot to then, so I'm now preparing an amendment to my 2015 taxes. How do I declare this loss?