Question from Pravin June 10, 2007 at 10:09AM
I entered into a arrangement to buy a acreage for advance (intention was to advertise it after for a profit). Arrangement did not go through due to abrupt affairs and I absent the Ardent money. What anatomy I should use to affirmation a answer in tax returns? Thank You. -pravin.
Answer: Pravin – Normally ardent money that you cost is not deductible, if for example, you had advised to acquirement a claimed residence. However, back you are advertence that this was potentially advance acreage you in adjustment to abstract your advance expenses, you charge be able to catalog deductions on Schedule A (Form 1040). Enter the absolute bulk of your advance costs (other than absorption expenses) on Schedule A, band 22. List the blazon and bulk of anniversary bulk on the dotted curve aing to band 22. (If necessary, you can appearance the appropriate advice on an absorbed statement.)
You can abstract alone the allotment of these costs that exceeds 2% of the bulk on Anatomy 1040, band 38 – adapted gross income.
For added advice about advance assets and costs amuse see IRS Publication 550, Advance Assets and Expenses. IRS forms and publications are accessible at the IRS Web armpit at www.IRS.gov in the Forms and Publications area or by calling 1-800-TAX-FORM (1-800-829-3676).
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