cpabsd Posted April 10, 2009 Report Share Posted April 10, 2009 Taxpayer purchased property several years ago to help daughter who could not receive financing. Daughter paid loan payments directly. During 2008, they "sold" the property to their daughter at a significant loss. I believe this is a non deductible loss due to related party. Client of course would like to deduct the loss. Deductible or not? Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 10, 2009 Report Share Posted April 10, 2009 IRC section 267 states as follows: (a) In general (1) Deduction for losses disallowed.. No deduction shall be allowed in respect of any loss from the sale or exchange of property, directly or indirectly, between persons specified in any of the paragraphs of subsection (. ....... ( Relationships.. The persons referred to in subsection (a) are: (1) Members of a family, as defined in subsection ©(4) **** I vote 'not' Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 10, 2009 Report Share Posted April 10, 2009 Dang it! I did NOT intentionally put in those **** winking sunglass faces! Quote Link to comment Share on other sites More sharing options...
joelgilb Posted April 10, 2009 Report Share Posted April 10, 2009 Dang it! I did NOT intentionally put in those **** winking sunglass faces! sure you didn't! lol Quote Link to comment Share on other sites More sharing options...
Bart Posted April 10, 2009 Report Share Posted April 10, 2009 Dang it! I did NOT intentionally put in those **** winking sunglass faces! When you type an "(" and then the letter "b" you have to leave a space between them or it displays as a winking sunglass face. Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 10, 2009 Report Share Posted April 10, 2009 Thanks, Bart. Hopefully I can remember that. I really hate those things! Quote Link to comment Share on other sites More sharing options...
Bart Posted April 10, 2009 Report Share Posted April 10, 2009 Thanks, Bart. Hopefully I can remember that. I really hate those things! When you type a "(" (open paren) then a "c" and then a ")" (close paren) and do not leave any spaces you get © (the copyright symbol) instead of ( c ). Quote Link to comment Share on other sites More sharing options...
grandmabee Posted April 10, 2009 Report Share Posted April 10, 2009 how do guys know all these tricks. I was planning on go back after 15th and look at the post that talked about th F keys to learn them now new ones. does it work on all websites or just this one? Quote Link to comment Share on other sites More sharing options...
joelgilb Posted April 10, 2009 Report Share Posted April 10, 2009 and when you type: !$)(##()%(*$#_)(*%#^#_%*(!#%&(#&_+# you get a lot of people pissed off! lol Quote Link to comment Share on other sites More sharing options...
Bart Posted April 10, 2009 Report Share Posted April 10, 2009 how do guys know all these tricks. I was planning on go back after 15th and look at the post that talked about th F keys to learn them now new ones. does it work on all websites or just this one? K C taught me. Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted April 10, 2009 Report Share Posted April 10, 2009 LOL, I think Joelgilb is right. Terry D. Quote Link to comment Share on other sites More sharing options...
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