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Where Taxpayers and Advisers Meet

Defining when a loss was incured

LaurenMaden
Posts:1
Joined:Fri Aug 13, 2021 12:26 pm
Defining when a loss was incured

Postby LaurenMaden » Fri Aug 13, 2021 12:42 pm

Hi Guys,

I'm new to the site, and have a strange situation come up. I'm hoping people may have come across similar before.

4 apartments were purchased in dubai in 2007, off plan. The apartments should have been completed by Dec 09, with a 90 day potential extension. The block was never even started, and the developer spent time in prison for unpaid monies on the land that the proposed development was stood on. - the land was sold on to be developed by someone else in the last few years. at what stage did this become a loss? is there anyway this could be off set as a capital loss now?

Thank you for any advice.

Lauren

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Defining when a loss was incured

Postby bd6759 » Sun Aug 15, 2021 10:39 pm

What asset did you acquire in 2007?


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