numbersone
Level 1
02-11-2021
08:15 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Pub 544 states to treat it as an ordinary loss, and it was held for more than 1 year
Loss from abandonment of business or investment property is deductible as a loss. A loss from an abandonment of business or investment property that is not treated as a sale or exchange generally is an ordinary loss. This rule also applies to leasehold improvements the lessor made for the lessee that were abandoned.