Selling Land for a loss?

[Mike Moran]

Hi, this is probably common sense but I'm asking anyway!...I have a few LLCs that own rental properties; a mix of buy and hold and BRRRR. I just recently bought some land/acreage for $135,000. My question is hypothetical....if in say, 1 or 2 years my taxable rental income is $75,000...and I sold the land to a builder/developer for $60,000 (a $75,000 loss) that same year....would my net taxable income be $0? Or, if i sold it for $210,000, would my Sch E income now be $150,000? **I do not consider myself a real estate professional for tax purposes**