How to use loss for taxes.

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Posted by InGA on November 07, 2009 at 08:14:27:

I had two investment properties (residential lots) on my personal name and both had separate mortgage. I bought the properties in May 2005, and was paying mortgages until Sept 2008. I just settled with bank paying them $70,000 and dead to both properties. My total loss including down payments, mortgage, settlement, lawyer fees etc is about $200,000 My question is how can I best use this loss for tax purpose. My income from other sources this year will be about $200,000

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