My wife and I own several rental properties. Don't know if this is relevant, but she works full time in the real estate business, splitting time between working as a real estate agent (1099), doing occasional assignments involving mortgages (1099), and managing our own properties. We do a schedule C for her every year for her activities. We signed contracts to buy 2 condos for investment purposes. For various reasons, we opted not to go through with one of the purchases, and as a result wound up losing part of the deposit. Can I deduct this lost deposit? Does it constitute a business expense? If I can deduct it, where would it go? Thanks for your advice.
- posted
17 years ago
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