I put a 10% downpayment on a condo (pre-construction) I was purchasing for speculation purposes in Florida. When the construction of the condo was completed, prices of the similar units in the complex (still to be built) were down about $90k, so i decided not to close and they kept my downpayment. My question is related to capital losses. Would i be able to deduct this as a capital loss for tax purposes? I am assuming it will be a long term loss, because the date i made the downpayment and the day the money was foreited by not closing were a little over a year apart. Can anyone clarify this for me? Thanks, Dave
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