From what I understand, if I sell my lot that I paid 33,000 for say 3,000 I would be able to take a capital loss of 30,000 prorated over a five year period
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Not exactly. When you have a capital loss, you deduct it against any other capital gains that year, plus you can deduct $3000 more. So if this is your only investment and you never have other capital gains to be taxed, it will take you 10 years to deduct the loss at $3000 per year.
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