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doublevee
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Taking a business loss on a rehab
Monday, January 28 2008 04:15 PM
Can I then deduct full amount of loss from my schedule C? I've been told I can only deduct 3K a year because it's a capital loss, not a business loss.
This is my first rehab, and it's gone south on me.
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Randy Hughes
Master Advisor-39 years of experience
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Re:Taking a business loss on a rehab
Wednesday, January 30 2008 04:13 PM
Doublevee,
Yes, i believe that is true that you can only write-off 3,000/capital loss per year. This is true regardless of whether the property was held in a land trust or not. Land Trusts are pass thru entities by IRS standards and are not effected by tax laws.
Randy Hughes
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