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Posted by Zorro on December 27, 2007, 12:15 pm
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Have a question on Capital Gains from property sales. Can I offset any
Capital Gains from a property sale against my current Capital Losses
which I have been using at the standard rate of $3000/year/
Inotherwords, if I have a total outstanding capital losses of
$50,000.00 which I was depleting by $3000.00 every year and if I sell
a property which ends up in accruing gains of $50,000, can I use this
gains of $50,000 on Schedule D and in essence completely zero out all
of my capital losses and not pay any Capital Gains taxes?
Thanks
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