Peachy
Level 1
12-07-2019
02:05 AM
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Client incurred appraisal and loan fees in anticipation to borrowing funds for developing another project. Deal fell through and he has abandoned the idea of engaging in another project at least for the moment. Are those costs deductible 100% in the year incurred?
I read where it says it is not deductible for a primary residence but I can't find information when taxpayer in the business of development.
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