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Old 04-17-2012, 09:21 PM
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Question Deduction of Loss from Investment Property

A group of us (10) funded a mortgage on raw land. The borrower defaulted, so we foreclosed in 2010. In 2011, we sold the land at a loss. Is there any way to take the whole loss now (I have no gains to offset), or do I have to take it $3000/year.



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