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My client invested in land to develop or sell. He is a property investor. Bought in 2008. Turns out there is no easement to get to the land, making it worthless. No offers in the last 3 years since he lost his lawsuit to compel the granting of an easement. He cant legally get to the land. Assuming I want to report this as a total loss, what form would I use? Is this 8949 reporting of vacant land or 4797 reporting a for profit business asset? Thanks!
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As long as he still owns it, nothing has been realized.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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There are always helicopters.
Surrounding owners may sell to someone who wants to make a deal.
Why has he waited three years? If he discovered when he lost the lawsuit that he had been defrauded, that might have been a good time to claim a casualty loss.
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"Surrounding owners may sell to someone who wants to make a deal."
🙂
Neighboring owners might buy it, or sell theirs to him so he has some contiguous parcel. Or, you can lease it for a cell tower or water tank or electrical substation = it has value. Or, you donate it to a public entity, such as State or County Park, and they can force an access right.
Land is only worthless if it no longer exists, such as slumped into the ocean.
"Level Up" is a gaming function, not a real life function.