Will I be able to keep my tax write off?
I own several properties that I rent out to tenants. If I file for chapter 7 bankruptcy, will I be able to keep the tax write offs that result from these properties? Thanks.
Answered By: E. Ray Critchett, Zaino & Humphrey, LPA
If you lose the properties, I believe you will lose your deductions as well. Bankruptcy and the issue of debt forgiveness may have several other tax implications as well. You may be well served by speaking with a tax attorney prior to filing for bankruptcy. You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue.
Answer Applies to: Ohio
Replied: 9/7/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Ohio
Replied: 9/7/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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