
Quoting
lizadeyo
My question involves personal property located in the State of: Colorado
I was in a purchase agreement to buy land in Colorado for 86,000 at 7 percent interest. I found out the land was only valued at 16,000.
I had paid on the land for three years and was about to have the title given over to me when I was laid off from my job. Before I was able to start payments again billyland foreclosed. I offered a lower payment and they refused. I am out about 24,000 dollars and would like to know how to best write this loss off on my taxes. The land was held for future development.