Posted on: 07th May, 2010 07:09 am
I am a bookkeeper for a Real Estate Investment Company. The owner purchased several residential properties under is name and Quick Claimed them to various business. My question is, is the owner still responsible for claiming the properties on his 1040 personal taxes? Since the real estate market went under, I think he felt that he would not be responsible for the 1099-A (Abandonment of Property) if he quick claimed to a business. Also, in the year that he quick claimed, can he do a capital loss of him personal 1040 taxes?
Hi Guest,
If the business is in his name, then the the owner will be able to claim the properties on his taxes. However, it would be a better idea if the owner contact a tax adviser and take his opinion in this matter. He will be the best to guide the owner in this regard.
Thanks
If the business is in his name, then the the owner will be able to claim the properties on his taxes. However, it would be a better idea if the owner contact a tax adviser and take his opinion in this matter. He will be the best to guide the owner in this regard.
Thanks