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One would think so, However, that is not what the FA rep told me.
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Either the rep misheard you or you misrepresented the situation. If the property is truly underwater (owing more than it’s worth) then it’s not an asset. However, if you’ve deducting the heck out of it and not showing a profit, that’s not being underwater.
I’m still trying to figure out how owning 1% of a company resulted in huge losses, unless the company is a huge family-owned company.