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Help!? Had a rental property (over a year) that I sold for a loss. In fact, the proceeds of the sale wasn't enough to payoff the loan, so I still had to use my own funds to pay off the bank loan.

On paper, I figure my loss to be around $30K. Am I limited to the $3000 dollar amount? And then carryover next year?

What about the loan deficiency that I paid to the bank to zero out the loan? Anyway I can recoup this somehow?

Am I using the right forms? First Form 4797, then forward to Schedule D.

In over my head. THANKS!
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