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Basis adjustment or capital loss

1 Answers. Asked on Apr 07th, 2017 on Commercial Real Estate - New York
More details to this question:
Purchase for cash af commercial building in 2012. 2015 sheriffs sale is scheduled to pay off a lien on the building. I did not want to lose building in auction so paid off the lien. Does this payoff represent an increase in the basis of the building or a business bad debt or orginary loss.
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Answered on Apr 08th, 2017 at 7:42 AM

It depends how you were carrying the buidling on prior years.  Get an accountant.  A website is not a place for tax advice on commercial buildings.  Someone has to see the history on your books.

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