No one sets out to develop or own real estate to sell at a loss. Unfortunately, the unprecedented downturn in the real estate market has left many developers and owners of commercial real estate holding property worth less than its cost.

If you earned considerable income from real estate during the boom years, you also paid significant taxes during those years. Selling property now at a loss creates an opportunity to recoup some of the taxes paid in prior years. This is the silver lining in the current market gloom, and may present opportunity for some owners: Losses could mean tax refunds.

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