tammywellsadon asked:


we bought the property for investment purposes $12000. We were unable to continue the payments and tried to seell with no luck.the amount on th 1099A is 48700. What am i going to have to pay on this?

Ruby

tammywellsadon asked:


we bought the property for investment purposes $12000. We were unable to continue the payments and tried to sell with no luck.the amount on the 1099A is $8700. What am i going to have to pay on this?

Monica

Chris E asked:


I have an investment property abroad, and it is cashflow negative. I’ve heard that I can only write off deductions on my US tax at sale, not annually like I would if it were a US property. Can I write off these deductions on my US income tax?

Lillian

Angel asked:


I have two answer.

1) If put back to settlement, it is not taxable. It only reduce your purchase price, when you sell your investment property, you have to pay tax. You only need to pay tax if you get check directly from the builder.

2) Another group think 1) only apply to second home. For realtor buy investment property, even realtor put rebate back into settlement, they still have to claim it as income and pay tax on it.

Which one is true, any website as support document? Thanks.

If the law will be different from state to state? I am in Maryland.

Brittany