Question on taxation on sale of unbuilt coop apartment share

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CULater
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Joined: Sun Nov 13, 2016 10:59 am

Question on taxation on sale of unbuilt coop apartment share

Post by CULater » Sat Aug 18, 2018 3:58 pm

Haven't been able to find the answer to this one. I paid for an apartment (actually a "share") in a new coop apartment building that is just beginning construction. Shortly afterwards, I decided to sell my apartment (coop share) and was charged a fee of $500 by the coop developer. Obviously, I never lived in the coop since it hasn't been built yet. Can I claim the $500 as a loss on by 2018 tax return?
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ResearchMed
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Joined: Fri Dec 26, 2008 11:25 pm

Re: Question on taxation on sale of unbuilt coop apartment share

Post by ResearchMed » Sat Aug 18, 2018 4:25 pm

CULater wrote:
Sat Aug 18, 2018 3:58 pm
Haven't been able to find the answer to this one. I paid for an apartment (actually a "share") in a new coop apartment building that is just beginning construction. Shortly afterwards, I decided to sell my apartment (coop share) and was charged a fee of $500 by the coop developer. Obviously, I never lived in the coop since it hasn't been built yet. Can I claim the $500 as a loss on by 2018 tax return?
Wouldn't this just be a "profit = sale price minus all costs", meaning "of course"?

Are you making any specific claim based upon it being real estate (or anything else) that would obviate this generality?
This shouldn't be any different than real estate agent fees that get deducted, or if selling on one's own, listing fees, photography costs, etc.

RM
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