Will I be able to keep my tax write off? 1 Answers as of September 07, 2010

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.

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E. Ray Critchett, Zaino & Humphrey, LPA
E. Ray Critchett, Zaino & Humphrey, LPA | Ray Critchett
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
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