That old answer is still correct for 2024.
Q. Lets say I paid $22,000 and sold it for $7,000 .... can I take a 15,000 loss in deductions?
A. Yes, but not directly from your total income. You first deduct it from your capital gains, if any. Then you deduct, up to $3000 (on form 1040) from you total income.
Q. Or over several years?
A. Several years, if the net loss is more than $3000. In your example ($15K loss), it would take 5 years ($3K per year) to deduct the full loss (assuming you had no capital gains to offset).
