Selling property at a loss

[ken nicoll]

Are there tax advantages for selling at a loss?
thanks
ken

 

[Thomas Beyer]

You can offset losses with gains.

 

[ken nicoll]

Thanks Thomas

 

[RandyDalton]

Hi Ken,

I am not an accountant but I believe you can also carry forward losses to future years if you do not have any gains at this time. Not sure if you can transfer backwards. Best to contact an accountant for these matters.

Regards...Randy
REIN Silver Member
REIA Level II

 

[Saurabh9204]

You can go back 3 preceding years from the year of your sale. On the other side you can carry forward the loss indefinitely to be offset any capital gains in the future.