Gglass555 writes:The property was purchased for a future retirement home. We have since decided to retire in a different location. Does the reason the land was purchased really matter with respect to qualifying as a deduction?I reply:Unfortunately, it does. If you had purchased the property as an investment, it would have been a capital loss. But since it was for personal use, you cannot use the loss, any more than you could claim a loss on your primary home. Sorry for the bad news. --Bob
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