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Updated over 6 years ago on . Most recent reply
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First deal fell through - what expenses can I deduct from taxes?
Hi All,
I was under contract for my first property, but it ended up not appraising, so we backed out. This property was located in Michigan (I'm in CA). I spent $525 on the inspector. In addition, I spent $400 on a flight, before the deal fell through, to be in Michigan on the closing date, which ultimately never happened. I still went on the trip to meet with my broker and tour other properties / make another offer ('Business-related' days accounted for 4 of the 6 day trip). Note, I don't have an LLC and was/will buy my first property under my name.
When it comes to taxes this year, what can I deduct from this experience?
Thanks!
Brad