Need help finding solution to utilize a large capital tax loss.

[Alan Duro]

Hi BP members! I had a tax question that I can't seem to find any info about online. The CPA's I've spoken with haven't been very creative in helping come up with solutions. A close friend of mine took a large capital loss back in the 08' crash (roughly $750K). He's been carrying this loss with him each year and only deducting the approx $3000 per year that the IRS allows.  He's been informed that the only way to utilize this loss is by applying it to a large capital gain. However at the moment, he doesn't have such a capital gain to apply it to.

I was wondering if there's a (legal) way to creatively partner with somebody on a real estate deal and apply his capital loss. Maybe they split the benefit of the capital loss somehow? My friend's open to any ideas. He just desperately wants to make use of this tax loss before he dies (he's in his 70's).

Any ideas you have would be greatly appreciated. Thanks!