The government likes you, especially when you try to make money. Why?

When you make money, you are obligated to pay taxes.

But what happens when you fail to make money?

Here, again, the government likes you. When your attempt to make money fails, the government allows you a tax deduction for your losses.

This article examines a failed rental property purchase and how tax law treats that failure.

Situation

Jim Joyce lives in northern New Jersey. Mr. Joyce travels to Florida to buy a three-bedroom home ... Log in to view full article.