I "carriedback" a 2nd mortgage (installment sale) on the sale of a rental property a few years back. I received some cash at the time of sale and the new owners assumed the existing 1st mortgage. The 2nd mortgage was structured with interest accruing for 3 yrs, with payments beginning in the 4th year.Unfortunately, the owners filed bankruptcy. The 1st mortgage holder received the property in court and the judge discharged the 2nd mortgage due to me.Can I claim a loss for this and if so, how?Thanks in advance.Hman
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