Condo bought for son

USA Discussion in 'Individuals' started by Texas CPA, Jan 31, 2019.

  1. Texas CPA

    Texas CPA

    Joined:
    Jan 31, 2019
    Messages:
    1
    Likes Received:
    0
    Mom previously bought a condo for her adult son. Son has drug/alcohol issues and is rehab. Mom sells condo to pay for rehab at a loss. Son never paid any rent or expenses.

    Question: Is the property considered personal use property, therefore the loss is non-deductible or is considered some kind of investment property?
     
    Texas CPA, Jan 31, 2019
    #1
    1. Advertisements

  2. Texas CPA

    Andrew312

    Joined:
    Feb 7, 2019
    Messages:
    5
    Likes Received:
    0
    The fact that a family member used the unit would tend to negate the condo's investment use under 280A.
     
    Andrew312, Feb 7, 2019
    #2
    1. Advertisements

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.