QUESTION
Basis adjustment or capital loss
Asked on Apr 07th, 2017 on Commercial Real Estate - New York
More details to this question:
Purchase for cash af commercial building in 2012. 2015 sheriffs sale is scheduled to pay off a lien on the building. I did not want to lose building in auction so paid off the lien. Does this payoff represent an increase in the basis of the building or a business bad debt or orginary loss.
1 ANSWER
1 Award
It depends how you were carrying the buidling on prior years. Get an accountant. A website is not a place for tax advice on commercial buildings. Someone has to see the history on your books.
Answered on Apr 08th, 2017 at 7:42 AM