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Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 177
Experience:  Principal at Jason M. Tyra, CPA, PLLC
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I have an investment property in Dubai that purchased 10

Customer Question

I have an investment property in Dubai that purchased 10 years ago. It project never finished and the building is still half way built and the builder ran out of money, I want to abandon this property and claim loss on my tax return, how do i do it?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: I just want to know which form to fill in my tax return
JA: Our top Accountant is ready to take your case. Just pay the $5 fully refundable deposit and I'll fill the Accountant in on everything we've discussed. You can go back and forth with the Accountant until you're 100% satisfied. We guarantee it.
Submitted: 7 months ago.
Category: Tax
Expert:  Jason M. Tyra, CPA replied 7 months ago.

Hi There:

An abandonment loss is reported on Form 4797, Part II, line 10. It is an ordinary loss in the year of abandonment, even if it would be a capital loss under other circumstances. You should provide contemporaneous notification to the builder or contractor of your intent to abandon the property and keep a copy with your tax records for the year.

Customer: replied 7 months ago.
How do i fill as SOLD price and SOLD date in the part I of Form 4797?
Expert:  Jason M. Tyra, CPA replied 7 months ago.

Use the date of abandonment and price of $0.

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