Tax Question re Deposits

[aaronjod]

Hello,

Just got another question regarding tax, if you make an offer and pay the .25% deposit, then can the deal before the cooling off period, is that money lost tax deductible if it were for a potential IP? Also can the B&P be claimed?

Thanks

 

[Terry_w]

Hello,

Just got another question regarding tax, if you make an offer and pay the .25% deposit, then can the deal before the cooling off period, is that money lost tax deductible if it were for a potential IP? Also can the B&P be claimed?

Thanks

no and no. Doesn't relate to the production of income.

 

[coastymike]

Isnt a capital loss either

 

[aaronjod]

Okay, thanks guys.