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Tax on passive re investments
Can someone clarify,
As an LP in a mf syndication where can one save on taxes and what can I expect to pay?
Here is an example,
If I invested 100k into a mf syndication, Property sells in year 3 with a profit of 100k,
I also invested in other mf syndications and I have losses on paper for depreciation of 200k,
Can I use the depreciation losses against the 100k profit of the sale?
I am not a real estate professional.
My accountant says that it will be a capital gain and I would have to pay capital gain taxes, and the depreciation can only be used against operating profits and not on profit from the sale.
I would love to hear from a professional.
Thanks in advance.