Real Estate Tax Question

[hydeparkhorn]

I'm currently finalizing a sale on a house in the Milwood area that will end up going for a loss (I bought the house in late 2007). I also own a condo near downtown that I bought in 2004 that I'm trying to decide whether to sell or to continue renting it out. I would definitely get a gain on the sale.

My question is this, are there any tax reasons I should try to sell the condo this year? Will I be able to use the losses from the house sale to offset the gains from the condo sale to knock down the taxes I have to pay?

Anyone know a good Real Estate Tax Accountant I should chat with about this?

 

[pevodog]

Capital losses carry forward. It doesn't matter if you sell it this year or next.

 

[CO Horn]

Is the house you're selling a rental? Do you have other capital gains that will be offset by the loss?

You can deduct $3K in net capital losses a year. The remainder carries forward.