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Capital Losses Foreclosure

Miles & Stockbridge P.C.

Taxpayer Entitled to Capital Loss from Property Foreclosure for Year of Sale, Not When Proceeds Received

Evans v. Commissioner, T.C. Memo. 2016-7, was recently decided. The taxpayer in this case was an individual who worked full-time at a real estate development firm. The taxpayer also purchased residential real estate...more

Miles & Stockbridge P.C.

Tax Court Clarifies Meaning of Worthlessness for Real Property Loss Deductions

Miles & Stockbridge P.C. on

In the recently published case of Tucker v. Commissioner, T.C. Memo 2015-185, the Tax Court held that a taxpayer was not entitled to a loss deduction for real property subject to a recourse mortgage unless and until a...more

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