My mother and my aunt bought a lake house in 1988. My mother passed away in 2013. My siblings and I inherited the lake house and we shared it with my aunt (she owned 50%; we owned 50%). We all used it at various times for vacation. We sold the house in 2021. My aunt sold it and had a capital gain. When we inherited the house in 2013 we used the FMV on the day my mom died. Hence, we sold the property at a loss. Is our loss deductible since we all used the property for various vacations. It was never rented out; no one lived their permanently (it had to be closed up in the winter). I've read conflicting articles on line and at IRS about whether we can deduct the loss or not since we used the property for personal use.
