Manhattan Club Lawsuit

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Re: Re: Re: Re: Manhattan Club Lawsuit (by Brian M.):

I just got the paperwork to turn mine in. Mine was a half share on a jr. exec suite. I only paid $17k for it back in '05. But the appraisal was for $109K. Inflation can't be that great, can it? I don't what the IRS to come kncking on my door if I claim a writeoff using that value. What did you pay for yours and when did you buy it? Anyone else have a similar experience? Or did you use the original purchase price for the writeoff?

debbiea265 wrote:
When we turned ours in there was an appraised value on the paperwork. It was for the whole unit and was something like $193000. We used that as appraised and wrote off the $27000 as a loss but you only get $3000 per year so will be writing off $3000 for 9 years.