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Are adjustments for items unpaid by seller are deductible ...

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Are adjustments for items unpaid...
Are adjustments for items unpaid by seller are deductible for investment property. (there is no amount on lines "adjustments for items paid by seller in advance" on escrow papers or sale statment)
Submitted: 10 years ago.Category: Tax
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Answered in 11 hours by:
10/12/2007
Tax Professional: Ed Johnson, Tax Preparer replied 10 years ago
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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Dear rinku,

Generally, no. If the adjustement is to reduce the price, the reduced price would show up as reduced revenues.

tell me, what kind of investment property is it? and what type of adjustment are you talking about?

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