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Tony Mayo's profile image
Tony Mayo's profile image
Tony Mayo
  • Investor
  • from Fair Haven, NJ
  • Member since Mar 30, 2017

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Tony Mayo's profile image
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Tony Mayo
  • Investor
  • from Fair Haven, NJ
  • Member since Mar 30, 2017
Tony Mayo
  • Investor
  • Fair Haven, NJ
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Tax, SDIRAs & Cost Segregation

Using prior Capital losses against this year’s profit

Tony Mayo
  • Investor
  • Fair Haven, NJ
Posted

I have a few properties that have carried capital losses (i was not able to take a loss because i am not a real estate professional and I make to much other income)

I am now starting to realize gains on these properties… so am i able to take those carried losses against my current profits? Or do i have to wait until I sell to realize those losses on the final sale? 

Thanks in advance!

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Ashish Acharya's profile image
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Ashish Acharya

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Ashish Acharya
Ashish Acharya
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Ashish Acharya
#1 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • FL
Replied

You can use those losses against the income. I dont think they are capital losses, they are normal PAL. 

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