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Updated 2 months ago,
Passive Activity Loss to offset gain on sale of another rental property
Hi,
I'm in the process of selling one of the properties that has decent equity. I have suspended Passive Activity loss that would reduce the gain, but not eliminate the gain from tax POV. I have another rental property that has suspended Passive Activity loss (that I decided to hold), can I use one property PAL to offset gain on sale for another?
I have listed all properties under different activities in the Tax return.
Thanks
Sattir