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All that payment did was reduce a non deductible loss.Completely different scenario.
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When I retire, I am going to tell my landlord that I have been paying too much in rent and claim a capital loss.Same logic.
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Sounds like the listed amounts are only estimates used to calculate potential expenses.When someone gives you money to do something it's income.
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The land is still there isn't it? You need a new cost seg that differentiates between land and land improvements. Makes me wonder about the cost seg author.
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Not the guy asking the original question, but just filled in a 3520Income was a beneficial interest in a foreign trust.
