Ask a CPA

The purchase price must be allocated to the building and to the land. The amount allocated to the land is non-depreciable. The amount allocated to the building is depreciable and reported on IRS Form 4562.

The total purchase price of a tract of land must be allocated to each lot based on the relative value of each lot, so that the eventual gain or loss of each lot in the year of sale may be determined.

No. Losses may not be deferred using an installment method.

The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence.
Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for this relief.
This provision applies to debt forgiven in calendar years 2007 through 2013. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if (MFS).

If you discover you didn't claim a valueless stock loss on your original tax return in the year it became worthless, you can file a claim for a credit or refund due to the loss.
Just file Form 1040X to Amend your return for that year.
You have up to seven years from the date your original return had to be filed.

A business deducts its bad debts when figuring Taxable Income A business bad debt is fully deductible and reportable on IRS Form 1040, Schedule D, Part 1, Short Term.

Possibly yes. A non-business bad debt is reportable as a short term capital loss transaction and should be entered on IRS Schedule D.
You would need to attach a supporting schedule describing the loan, relationship to the debtor, how you tried to collect it and how you determined it was worthless.
You can use it to offset capital gains, and up to $3,000 of other income.

A wash sale occurs if you sell stock or securities at a loss, and within 30 days before or after that sale, you buy or acquire (in a fully taxable trade or enter into a contract to acquire substantially) identical stock or securities. The deduction for the wash sale loss will not be allowed, and the basis of the stock will be increased by the amount of the previously disallowed loss.

No. The conversion to common stock is not a taxable event. The cost basis of the converted common stock is the original cost basis of the converted bond.

The exercise of your stock warrants is not a taxable event.