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Investors & landlords
No.
Publication 526:
If you contribute property with a FMV that is less than your basis in it, your deduction is limited to its FMV. You can't claim a deduction for the difference between the property's basis and its FMV.
https://www.irs.gov/publications/p526#en_US_2022_publink1000229754
March 25, 2023
3:33 PM