Reporting land that has become worthless

[RESIPSA123]

My client invested in land to develop or sell.  He is a property investor.  Bought in 2008.  Turns out there is no easement to get to the land, making it worthless.  No offers in the last 3 years since he lost his lawsuit to compel the granting of an easement.  He cant legally get to the land.   Assuming I want to report this as a total loss, what form would I use?  Is this 8949 reporting of vacant land or 4797 reporting a for profit business asset?  Thanks!

[Just-Lisa-Now-]

As long as he still owns it, nothing has been realized.

[BobKamman]

There are always helicopters.

Surrounding owners may sell to someone who wants to make a deal. 

Why has he waited three years?  If he discovered when he lost the lawsuit that he had been defrauded, that might have been a good time to claim a casualty loss.  

[qbteachmt]

"Surrounding owners may sell to someone who wants to make a deal."

🙂

Neighboring owners might buy it, or sell theirs to him so he has some contiguous parcel. Or, you can lease it for a cell tower or water tank or electrical substation = it has value. Or, you donate it to a public entity, such as State or County Park, and they can force an access right.

Land is only worthless if it no longer exists, such as slumped into the ocean.