My apologies for the off topic post, but where else would I go for tax advice? Ha ha! Quick tax question.
I have a second home that I have been using as a rental for years. I bought it for $30k in 1999. I believe we could sell it for $350k or so. Obviously if I sold it I would be dealing with a significant capital gain. My question is this....... I have significant carryover capital losses from when the tech bubble burst years ago. Would I be able to offset my large capital gain from the sale of this house with my capital losses so I end up paying no capital gains? Or is that not how it works? Any help is appreciated.
I have a second home that I have been using as a rental for years. I bought it for $30k in 1999. I believe we could sell it for $350k or so. Obviously if I sold it I would be dealing with a significant capital gain. My question is this....... I have significant carryover capital losses from when the tech bubble burst years ago. Would I be able to offset my large capital gain from the sale of this house with my capital losses so I end up paying no capital gains? Or is that not how it works? Any help is appreciated.
