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Updated over 6 years ago on . Most recent reply

User Stats

11
Posts
1
Votes
Brad Henson
  • San Francisco, CA
1
Votes |
11
Posts

First deal fell through - what expenses can I deduct from taxes?

Brad Henson
  • San Francisco, CA
Posted

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

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