We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bad Investment. Help Martin, anyone!
Rhod
Posts: 22 Forumite
3 years ago I invested £10,000 to go into partership in developing a property in order to rent it out. Lets say it was a beginning of a property developement venture.
Things didn't go as smoothly as first expected and my partner whent through financial difficulty and a failed marriage etc.
This year we tried to salvage the operation and I ploughed another £13,000 into the project. Alas last month the house was reposessed leaving me with a loss of £23,000. I've borrowed £10,000 from my parents and am now well in debt.
Can I offshoot this loss as a business loss against any future tax I may have to pay. Basically is there any way of coming out of this with anything other than a bad investment loss!!!
Things didn't go as smoothly as first expected and my partner whent through financial difficulty and a failed marriage etc.
This year we tried to salvage the operation and I ploughed another £13,000 into the project. Alas last month the house was reposessed leaving me with a loss of £23,000. I've borrowed £10,000 from my parents and am now well in debt.
Can I offshoot this loss as a business loss against any future tax I may have to pay. Basically is there any way of coming out of this with anything other than a bad investment loss!!!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards