Discussion:OUT OF COURT SETTLEMENT
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| Revision as of 00:02, 15 March 2008 RoyDaleOne (Talk | contribs) (As far as I know) ← Previous diff |
Revision as of 00:04, 15 March 2008 PostingFromWork (Talk | contribs) (Ahhh, the good o) Next diff → |
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| {{ForumReplyPost|UserID=RoyDaleOne|Date=15 March 2008|Text=As far as I know the real estate must be in writing in order to be binding. What gives?}} | {{ForumReplyPost|UserID=RoyDaleOne|Date=15 March 2008|Text=As far as I know the real estate must be in writing in order to be binding. What gives?}} | ||
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| + | {{ForumReplyPost|UserID=PostingFromWork|Date=15 March 2008|Text=Ahhh, the good ol' statute of frauds! | ||
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| + | I am leaning towards non-deductable personal expense. Not sure how it would be shoe-horned into §212 based on the facts provided.}} | ||
Revision as of 00:04, 15 March 2008
Discussion Forum Index --> Advanced Tax Questions --> OUT OF COURT SETTLEMENT
Discussion Forum Index --> Tax Questions --> OUT OF COURT SETTLEMENT
| 14 March 2008 | |
| Client has a beach house as a second home. Never rented out. Agreed verbally to sell at a set price, then backed out. Paid $20,000 plus attorney fees in an out of court settlement. Can anything be deducted anywhere? Or could all expenses be added to basis? Can't find anything on this type of situation anywhere! Thanks for any guidance you can provide! | |
RoyDaleOne (talk|edits) said: | 15 March 2008 |
| As far as I know the real estate must be in writing in order to be binding. What gives? | |
PostingFromWork (talk|edits) said: | 15 March 2008 |
| Ahhh, the good ol' statute of frauds!
I am leaning towards non-deductable personal expense. Not sure how it would be shoe-horned into §212 based on the facts provided. | |
