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Land value (55 years ago) may be determined by real estate brokers in the area of said land.
It is true that you cannot deduct any loss from the sale of your residence but if you have not sold it yet, place your home up as a rental for at least 6 months and then sell and take the loss. In the event that your home is not rented, put ads in the local paper as a rental. This is sufficient proof that it was available for a rental.
If you are carrying a mortgage on the land that was sold, you can pay your taxes on the installment plan. In other words, you only pay taxes on what you receive and get capital gain benefit also.

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