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.
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.
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.