Selling Property for a Loss

[DocintheBox]

Interesting scenario that I would appreciate help with. Parents purchased 3 lots in 2013 for a total of $78,000. They gave one of the lots to me as a "gift" to me via a Warranty Deed Transfer in 2014. I did not pay them for this lot. Since 2015 I have paid property taxes each year for this lot at an estimated value of $25,000 for the lot (they paid the 2013 and 2014 property tax). Now that I am married and don't want to pay the $1,000/year POA fees my wife and I have sold the lot at a significant loss with a sale price of $3,500 (lot was listed for almost 2 years at $10k and then $5k with no offers whatsoever). My question is can I claim this as a loss on my taxes and if so how do I go about doing that?

TLDR version: Can I claim a loss on sale of property that was purchased by parents and then gifted to myself?

Thanks for the help

[Eye3md]

I sold land at a loss also. From what I was told, the deduction is $3000/year.

[DavidGlennCPA]

Yes but it's tricky to figure out the amount of your deductible loss because you acquired the property by gift. Here's an IRS article explaining the details.