Business Deposited Forfeited During 2006 I entered into a contract to purchase a business. I put down a $20,000 deposit. After doing some additional due diligence, there were several things I discovered had been misrepresented to me and decided to pull out of the transaction. Because our contract did not specify, they have retained the $20,000 deposit. Can I write this off as a loss on my tax return?
Thanks! |