selling investment property tax issue

[hoops]

I have one rental house that if I sell it will have a cap gain of about 100k.I sold my other one 2 years ago at a loss of about 100k.Can I use the loss to balance out the gainThanks in advance.

[pb4uski]

Check with your tax adviser, but I think no.

[Lisa99]

Depends. If any of the loss is being carried as a passive carryover, then possibly. Best to talk to a tax expert since every situation will be different.

[donheff]

Seems like you should be able to. If you can't, there outta be a law...

[kaneohe]

You probably want to check w/ IRS pubs to verify but here's an interesting article: Tax Breaks for Losses on Rental Property Sales - SmartMoney.com

What did you do w/ the loss from your other property? Sounds like from the article that you could have taken the loss against all other income which I didn't realize.

Other articles here: https://www.google.com/#hl=en&gs_nf=...w=1024&bih=670

Did you take into account that depreciation had lowered your cost basis and that there might be recapture of that depreciation?

also useful...p28/29 here http://www.irs.gov/pub/irs-pdf/p544.pdf

also the Capital Gains sub-forum at fairmark.com
http://fairmark.com/forum/index.php

[Wrirya]

Don't forget of the ugly thing called depreciation recapture