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  • If the bank later forecloses on the loan or repossesses the facilities, she will have to figure her gain or loss as discussed, earlier, under Foreclosure or Repossession.taxmap/pubs/p225-037.htm#en_us_publink1000218446Personal-use property.(p56)You cannot deduct any loss from abandonment of your home or other property held for personal use. taxmap/pubs/p225-037.htm#en_us_publink1000218447Canceled
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