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Itemized Deductions Schedule-A


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Old 09-17-2013, 04:18 PM
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Business expenses for an investment that never took off

I tried to invest in real estate this year [it was a rental property, not my primary home] and I incurred some expenses in the process. I ended up not making the investment after all. Can I take tax right off on the expenses made [gas, food, etc]. If yes what form do I need to use for that?



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Old 09-18-2013, 03:21 AM
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Quote:
Originally Posted by ppandya View Post
I tried to invest in real estate this year [it was a rental property, not my primary home] and I incurred some expenses in the process. I ended up not making the investment after all. Can I take tax right off on the expenses made [gas, food, etc]. If yes what form do I need to use for that?

I don’t think so; In order to properly determine the correct treatment income and expenses, it is first necessary to classify the type of investment (rental) activity occurring.



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