Background (2024)
$72k cash required to close the loan, March 2024, due to low-ball appraisal (does anyone like those folks’ job?)
The manufacturer pulled $360,000 from the loan to build our dream home
Builder went under.
There is supposedly $127,000 worth of material in the warehouse, I will validate this tomorrow.
That means $233,000 was stolen from me.
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I asked my CPA what I can claim against that loss, and I don’t like the answer:
“Unfortunately, there is no deduction. I’ve attached a link with the IRS code that spells it out.”
Topic no. 515, Casualty, disaster, and theft losses | Internal Revenue Service
😡