Contact UsRE Investor's loss could be treated as Fraud, Theft or ANY Loss Deductions from IRS and collect the loss lumpsum from IRS
Investor lost $560,000.00 from fraud activities of developer in real estate condo rehab project.
1) 3/29/2006: closing occurred. Investor paid 20% down payment ($650 K) and was a silent partner.
2) Developer paid no down payment and was solely responsible to acquire/manage/service construction loan, do condo conversion/sale in 18 months and give 60% profit to Investor.
3) 12/3/2007: Investor was forced to exit project, due to fraud activities of developer, in exchange for promissory note for $650 K (just the down payment with no profit)
4) 2/4/2008: Because of developer's breach of the Release, investor filed suit in the Circuit Court of Cook County. Developer paid only $104 K in certain installments.
5) 5/12/2011: Court entered an agreed judgment in favor of investor.
6) 12/2011: Developer voluntarily filed a petition for relief under Chapter 7
7) 4/30/13: Bankruptcy court denied developers's Bankruptcy protection.
8) 12/2015: Bankruptcy court gave final report of the case and distributed developer's collected assets to creditors. Investor was awarded only $48 K as final settlement.
9) Investor incurred $62 K in legal fees during 2007 - 2015 .
10) Investor disclosed $560 K investment loss in 2015 federal to be captured at the rate of $3 K annually
Questions are:
A) Investor wondering: $560 K loss could be treated as Fraud, Theft or ANY Loss Deductions from IRS and collect $560 K lump sum from IRS.
B) Developer hiding assets under third party. Investor needs attorney who could pursue fraud case on contingency.
1) 3/29/2006: closing occurred. Investor paid 20% down payment ($650 K) and was a silent partner.
2) Developer paid no down payment and was solely responsible to acquire/manage/service construction loan, do condo conversion/sale in 18 months and give 60% profit to Investor.
3) 12/3/2007: Investor was forced to exit project, due to fraud activities of developer, in exchange for promissory note for $650 K (just the down payment with no profit)
4) 2/4/2008: Because of developer's breach of the Release, investor filed suit in the Circuit Court of Cook County. Developer paid only $104 K in certain installments.
5) 5/12/2011: Court entered an agreed judgment in favor of investor.
6) 12/2011: Developer voluntarily filed a petition for relief under Chapter 7
7) 4/30/13: Bankruptcy court denied developers's Bankruptcy protection.
8) 12/2015: Bankruptcy court gave final report of the case and distributed developer's collected assets to creditors. Investor was awarded only $48 K as final settlement.
9) Investor incurred $62 K in legal fees during 2007 - 2015 .
10) Investor disclosed $560 K investment loss in 2015 federal to be captured at the rate of $3 K annually
Questions are:
A) Investor wondering: $560 K loss could be treated as Fraud, Theft or ANY Loss Deductions from IRS and collect $560 K lump sum from IRS.
B) Developer hiding assets under third party. Investor needs attorney who could pursue fraud case on contingency.
