Actually, it's an interesting question which Ms. Rowley didn't really answer. Is vacant land an investment or a personal expense? If the vacant land is considered an investment you can deduct your loss, if it's a personal expense you can't. If you plan to build a house on it to live in it could be considered a personal expense, but if you plan to sell it at a profit it could be an investment. Do you or the IRS determine what your intentions are? Any accountants out there?
2 hours ago Report abuse Permalink +1 rate up rate down ReplySource: http://www.dailyfinance.com/2011/11/16/how-to-take-a-tax-loss-when-property-values-fall/
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