it appears as if you sold a second home, that was used for personal purposes, to your son for less than the fair market value of the property and also less than your basis.
Losses on personal use property are not deductible. You will report the transaction on your federal income tax return as a sale in which you received $68k in proceeds for property with an $82k basis. You cannot deduct this loss.
Further, if the property had a fair market value (FMV) of $98k on the date of the sale to your son, you effectively made a gift of the difference between the $98k FMV and the $68k sales price. Consequently, you will have to file a gift tax return (Form 709 - see below) since the FMV exceeds the sales price by more than $15k, the annual exclusion amount.
See https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...
