I had a personal note, The note was for $240,000 but I only got $140,000. Can I write off a $100,000 loss?

[mdli129279]

The note was for the sale of a piece of land.  I carried. The person stopped paying me monthly payments so I foreclosed. The person owing me the loan/note on the property (Deed of Trust) was the only one that showed up at the foreclosure action. They offered $140,000. They gave me $140,000 for the $240,000 of what they owed me. I did not get the property back. I took a $100,000 loss. Can I write off this loss?

[Mike9241]

duplicate. no because you got property back 

[Critter-3]

Duplicate post ... if you don't understand how to handle this situation please seek local professional assistance with someone versed in repossessions.  

[mdli129279]

I did not get the property back. 

[TomD8]

The tax consequences can be a bit complicated.  This website might be helpful, but you may need to see a tax professional:

https://thismatter.com/money/tax/repossessions-taxation.htm

[Critter-3]

If you foreclosed on the property that the lien was against and you did not get the  underlying property back then you really need to seek local professional assistance.