Over the last several years many planned real estate development projects have been unsuccessful because of poor market conditions. In some cases, an abandoned project can at least result in a tax loss that can be deductible against other income. But not always. There are strict requirements you must meet to take such a loss. This is what a New York couple that tried to develop 90 acres discovered. Albert Chen, a retired civil engineer, and his wife, Nai-Fen, a real estate agent, purchased the land in Greenville, N.Y., back in 1980. Around 2003, they decided to develop and subdivide the property into 15 to 20 individual lots on which single homes would be built. Over the next several years they hired land use professionals to help them prepare a subdivision plan to submit to the t...
Feb 3, 2014 by Stephen Fishman
Jan 27, 2014 by Stephen Fishman