I bought a condo for my mother in 2008 in my name (not my primary residence so does it count as an investment property?). It was a foreclosure I bought for $135,000 and put about $20,000 in upgrades/repairs into it. She moved out and I am currently living there and looking to sell. Likely would only get $90,000 after all fees/commissions. Can I take that ~$65,000 loss on my taxes? Does it reduce my taxable income? Is there a cap? How does that work? Property is in Illinois.