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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3618
Experience:  Experienced real estate lawyer and real estate broker.
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I'm trying to buy a condo. The balance sheet shows total

Customer Question

I'm trying to buy a condo. The balance sheet shows total assets of 68k but with net income loss of 4k. Is that good?
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 3 months ago.

yes, the assets are solid. The loss is good for tax purposes, because it means that there is no tax due or owing and you can carry the loss forward into future years to offset against any income. Under New York law, that is permissible. This sounds like a solid investment.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Customer: replied 3 months ago.

thanks for the answer. Can you give me a example that will be a poor balance sheet? also on the scale of 1-10 (10 being the healthiest) How healthy is my current balance sheet? thanks

Expert:  WiseOwl58 replied 3 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 3 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 3 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.