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Can you file as a tax deduction the deposit lost on a cancelled contract with a homebuilder?
Wiki User
∙ 16y ago
The best you could hope for would be that you could capitalize the lost deposit as part of the cost of acquiring whatever new home you did purchase/build. If you decided that it was not worth the risk/cost of buying/building a new home, then the lost deposit it just that - lost, with no deductibility. It could, however, be rationalized as part of the cost (basis) of whatever home you did acquire (presuming you did). Otherwise, it's as deductible as a lease-purchase option should you decide not to exercise the purchase option - not deductible. Sorry.
Wiki User
∙ 16y ago
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Is safe deposit box rental a itemized deduction?
Yes
Can you still deposit to your account even if a haven't deposit since last year?
yes, as long you maintained the minimum maintaining balance, a bank required, there will be no bank charges deduction on your account, because 1 year of no depositor/s transactions means dormat account. If, minimum maintaining balance was not met, then your bank charged you of dormancy, then your account might be closed, and you cannot deposit any. Ask your bank about your balance.
Is it a safety deposit box or safe deposit box?
safe deposit box
What are the steps in making bank deposit?
Fill out deposit slip and proceed to teller to deposit.
How do you calculate interest on TDS for late deposit?
1.5% per month or part there of, till tds is paid Deduction due date paid date 10000 7.7.2012 8.7.12 interest 150 10000 7.7.2012 8.8.12 interest 300 10000 7.7.2012 8.9.12 interest 450 ...like
Is safe deposit box rental a itemized deduction?
Yes
Who pays lost deposits for cancelled wedding in Michigan?
The wedding couple will pay for the lost deposit for a cancelled wedding in Michigan. Not all places will require you to put down a deposit.
Can you get a refund on a car deposit?
It depends on circumstances, Why are you not getting the car?,,,,,,,,,,,,, Who were you getting it from?,,,,,,,,,,,,,,,,,,,,,,, When did you place deposit?,,,,,,,,,, Any other details? Dealer is in another state. No contract signed. Deposit was to indicate actual interest, but not a contract.
Do I have to refund a deposit on a deal gone bad?
A deposit may be either refundable or nonrefundable, depending on the wording used in the contract. Read the contract, if it states that the deposit is nonrefundable then you won't refund it. Otherwise you will likely have to refund the deposit, as the absence of a nonrefundability clause is usually taken to imply that the deposit was refundable. If there was no written contract it might just be best to refund it to avoid an argument and remember to use a written contract with an explicit nonrefundability clause in it next time if you want to avoid refunding the deposit.
Are security deposit refundable?
That all depends on the contract you signed and the circumstances. You need to review the contract and consult with an attorney if necessary.
What are deposits payments and withdrawals?
deposit is money you put in, a payment is a check or other deduction a withdrawal is money you take out
Can a car dealer cash a deposit check before the contract is completed?
Yes, they can cash a deposit check before any contract is completed. The purpose of a deposit check is to hold a vehicle for a person while they are waiting on the financing to go through.
What is the effect if you want to preterminate the contract of lease?
you will loose your deposit
How do you get out of a signed contract to buy a house?
You can get out of the contract, but you will forfeit your deposit. If you are in the midst of construction, that may be a different matter.
Can an owner back out of a rental if deposit money was given?
Yes. But the real issue is the contract. Was there a contract and the landlord has a responsibility to it.
Can you cash a cancelled check?
No. A cancelled check has no monetary value i.e., it is worth 0 rupees or 0 dollars whatever the local currency in which the check is issued. So you cannot cash a cancelled check. Even if you manage to deposit a cancelled check into an ATM machine, you will not get any money out of it.
If a contract has been signed and a deposit paid can the landlord back out of the deal?
No.
