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Ch7 and foreclosure on investment property - Can I take a tax loss?
In 2006, I purchased with cash (no mortgage) a piece of investment property (no house on it, just land) that I for $60,000. In 2007 I used it as collateral for a $200k business loan. (The $200k loan was granted to my LLC, but I personally guaranteed the $200k business loan and put up my $60k investment...