CAN I USE THE TOTAL LOSSES FROM MY REAL ESTATE PROPERTIES AROUND 170 K AGAINST THE PROFIT AROUND 60K FROM SALE

This year I will embrace the net distinction of 60K from sale of a single of my investment property, can I use the genuine estate waste from past years 170K (form 8582) or the stream year genuine estate waste of around 50K opposite the collateral benefit taxes upon the 60K?

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my2cents September 21, 2010 at 10:34 pm

Check with your accountant. If you amortized, it may not be that cut and dry. Call the IRS and ask. They will know as well. irs.gov

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