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Sold my personal house, deal fell through. Kept earnest money of $5000. Is that counted as income? Moved my belongings which cost just under $10000. Any write-off?
Had moved my belongings thinking the house was sold. At last minute, buyer's mortgage application was disapproved. Total cost of moving my belongings to a new area, and then back to my house was just under $10000. I kept their earnest money of $5000 which helped offset my personal cost a little. So my question is whether I have to claim the earnest money as ordinary income and if so, is there any write-off for my expenses for moving my belongings back and forth?
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‎June 4, 2019
12:25 PM