Not exactly. If you donate the property to charity it may be an itemized deduction for each of you but it will not be a loss. The proper evaluation for the value in 2020, when your father passed away would be needed and verified for your deduction. Each sibling would report their share of the donated property. Each would need a copy of the current and previous fair market value (FMV)/appraisal.
If you give it to the Property Owner's Association there would be no loss, and no deduction. However you might reach a agreement for a purchase price just to sell it and this would be considered a capital loss as long as the property was not used for personal purposes from inheritance until the sale date.
You should discuss with an attorney or real estate agent who is an expert about such matters before you enter into a sale.
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