TP formed SMLLC and bought unimproved lot in Fl about 20 years ago for 45K.  Intention was to build a home either for himself, or as income property, or income property until he retired... but he never did anything but pay RE taxes.  There were no other assets or activity within the SMLLC ever. The land was never improved.

He sold the property last year for 5500. I was going to put the loss down as a personal loss but am having second thoughts and wondering the loss can be taken because it was an unimproved land sale.