Should I cut my losses & sell my negative cash flowing property?

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Hello ,

I am currently thinking about selling a rental property because the rent I receive does not cover my expenses. I’ve been renting it since I purchased it 5 years ago.

I paid $274 000. Its currently worth about $254 000. I owe $238 000.

If I sell try to sell quickly I would be lucky to get $238 000, so I would have a $36 000 loss.(No realtor fees as I am able to sell privately)

Am I able to use this to my advantage for my taxes to offset my 2019 income ($185 000 from my job).

I’m wondering if it’s better to cut my losses now and to claim a loss, than to be out of pocket every month and wait it out.

I also plan on purchasing a 4 plex cash flowing property very soon as well.

Any help would be greatly appreciated.

Thanks!