I have sold two investment properties of vacant land in the same year. Can I write off both pieces as losses. Purchase for 33000 sold for 10000 one piece for example.

[leecep]

Can I write off the $3000 on both pieces?

[Critter-3 · Accepted solution]

NO ... the annual max cap loss deduction is $3000.  Excess loss is carried forward to be used against future cap gains or taken as a $3000 loss per year until totally used up.

[tagteam]

I agree with @Critter-3; you can only deduct $3,000 of net capital losses against other income. 

You can, however, use capital losses on the sale of your land to offset capital gains recognized in the same tax year.

See https://www.irs.gov/taxtopics/tc409