Seeking advice whether to sell

[Prashanth Ven]

Have a property (new build) in North East SA, rented for a year & unable to rent for almost ~10 months now, selling in this market would incur > 100K loss as impossible to compete with builders. In unlikely scenario if it rents, will be cash-flow negative probably by 400-500. No option but to sell to stop hemorrhaging...

After selling can I deduct losses (including passive losses) against other capital gains or ordinary income by 3K?

Thanks.