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A doctor put a downpayment on a future site of an doctor's…

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A doctor put a downpayment...
A doctor put a downpayment on a future site of an doctor's office. He changed his mind and he stop pursuing to open the practice in that city. Can he claim a capital loss on his investment?
Submitted: 6 years ago.Category: Tax
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Answered in 3 minutes by:
4/3/2012
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 6 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,057
Experience: 35 years tax experience, including four years at a Big 4 firm.
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PDtax :

hi from just answer.

PDtax :

he can claim the loss, once the contract or option expires worthless or he abandons his contract interest.

PDtax :

I would want some written proof that any contract expired, or some other dated proof to lock in a date, for recognizing the expense.

PDtax :

Again, just the taxpayer's intent to abandon is not enough to write off the expenses or recognize the loss. If this answers your question, please click Accept, and thanks from Just Answer.

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PDtax, Certified Public Accountant (CPA)
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