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Old 03-02-2014, 07:32 PM
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New Home Purchase Escrow

Hi,

I was pre-approved in 2013 for the purchase of a new home. I put $3,000 down into an escrow account for the builder. I later found out the lender made a mistake and I was no longer qualified for the amount of the home. In the end, I lost my escrow money. Is this tax deductable?

DubLewis



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Old 03-04-2014, 12:46 AM
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Quote:
Originally Posted by DubLewis View Post
Hi,

I was pre-approved in 2013 for the purchase of a new home. I put $3,000 down into an escrow account for the builder. I later found out the lender made a mistake and I was no longer qualified for the amount of the home. In the end, I lost my escrow money. Is this tax deductable?

DubLewis
no; you were buying a new, a personal residence. Losses on personal residences are not deductible.



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