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Subject:  Offsetting cap gains on rental Date:  7/28/2002  2:51 PM
Author:  inparadise Number:  61022 of 127845

We are in the process of selling a rental property on which we should have about $40K in capital gains, (selling price - recent fix up costs - realtor fees - transfer taxes- original purchase price,) and about $32K in depreciation that needs to be recaptured.

We are carrying a substantial amount of capital losses from stock that we can realize to offset the $40K in capital gains. We also probably have enough losses to offset the depreciation recapture. Can that be done, or are we stuck for the roughly $8,000 in taxes on the recaptured depreciation?


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