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Re: Manhattan Club Lawsuit (by Nathan Z.):

Brian, when I last checked, you had to own a minimum of 13 weeks in a fractional interest to qualify for real property treatment by the IRS. The City of New York operates under its own rules, for property tax purposes. The other poster is referring to writing off $3k per year, which is only allowed for capital losses in excess of capital gains, not other kinds of losses (theft, casualty or disaster.) So unless this was an investment which is pretty much ruled out in the paperwork attached to the purchase, it cannot legitimately be taken as a capital loss.