I attempted to sell some property in 2016. I incurred expenses as part of the transaction, but the sale was cancelled before I received payment. Today, the same buyer wants to complete the transaction (she wants to buy the same property from me), with a new contract drafted to reflect the current date. I'm charging her a slightly higher purchase price this time. Can I deduct my 2016 expenses from this 2019 sale?
Yes, as they would have increased your basis in the property being sold... (as long as not deducted in a prior year)...
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