Looks to me like @MaryK4 may be making some assumptions, and chances are those assumptions may be flat out wrong too.
Actually, more clarification is needed. Did you purchase an actual existing rentable structure? Or did you just purchase land and then paid a builder to build on it? You "may" be able to report this as an investment loss. But based on the information provided (or lack thereof) I don't see any loss yet that would qualify to be claimed as such on any tax return. So you really need to provide more clarification so we can ensure you report things correctly and not end up getting audited 24-36 months after filing.
For example, you purchased land at a point in time. Then later you contracted and paid 50% down to have a structure built on it and that structure was never built because the builder went bankrupt. You still have ownership of the land so there's no loss to be claimed yet....but that depends on the specifics. Generally, you can't claim losses on an investment until the tax year you sell that investment - and only if you sell it at a loss of course.
