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Updated over 3 years ago,
Can I Offset My Capital Gains?
I've had a property for a little over a year. By the time of its closing its gains will qualify as Long Term Capital Gains, and I expect them to be around $90,000. As I'm a fairly new investor will the capital gains taxes on this be partially offset by the losses at my other properties next tax season? I've got some improvements to make that won't be that much but will be in the $25-35000 range on some of my other properties.
I can't do a 1031 because the cash from this property is earmarked for another property that has to be done in cash.