Can you write off development costs for real estate not purchased.

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01-24-2008, 05:34 PM

jmramsey

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Join Date: Jan 2008

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Can you write off development costs for real estate not purchased.

Is is allowable to deduct losses from a partnerhsip that was formed to buy and develop a piece of real estate? I was a partner in an LLC that was under contract to buy a piece of land. We spent quite a bit of money on legal fees, engineering etc. before backing out of the contract. Is that loss deductible against ordinary income?

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