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Employee
April 15, 2019
Question

Builder defaulted on construction of home.

  • April 15, 2019
  • 1 reply
  • 0 views

How can claim/deduct losses due to builder defaulted on home construction?  Had approved loan to build my retirement home, but builder did nothing over 6 months other than excuses.  Had to fire builder and still had to pay over $7K on unused loan. Plus loss additional $10K  trying to settle.

    1 reply

    April 20, 2019

    it's a personal loss, so nothing is deductible