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RealQuestion
Aug 5, 2014, 04:31 PM
I bought land in Mexico as a real estate investment. I am now selling it for less than I paid. May I declare the difference as a capital loss on my income tax filing?

AtlantaTaxExpert
Aug 5, 2014, 04:49 PM
Yes, if you never made use of the land as a personal residence.

You need to report the sale and the loss on Schedule D.