That's the whole deal in a nutshell Darren. Everyone has different financial circumstances - and fortunately for us - the "loss" just isn't worth the hassle of trying to "save it". While I would have felt better about the "investment" - because nobody wants to feel what they did was stupid... regardless of the dollar amount... this turned out to be a stupid move. I have a long list to which it can be added.
And - as I said - if I had a mortgage on the place - it would make more sense to rent it even if I had to subsidize it a little each month... and hold it til I could sell it for the mortgage. But I don't... so I look at it as cash (employees) not working real well that would need lots of management to do very little in the way of a return.
We've actually discussed just donating it to a worthy cause... but couldn't get it finished in time to do that in the 2011 tax year. I can not claim the purchase amount as a loss deduction If I could then it would really be worth it.
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