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

Customer Question

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: 9 years ago.
Category: Tax
Expert:  Ed Johnson replied 9 years ago.

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?