Visitor II

Carried over capital loss offset capital gain

I am a resident of Kentucky. I am going to sell my rental property in California. This will generate about $150K capital gain. I have about $100K carried over capital loss from stocks during previous years. Can I use the loss to offset the capital gain from selling the property in California? Thanks.
1 Comment
TurboTax Specialist

Carried over capital loss offset capital gain

No, because the sale of rental property gain is treated as an ordinary gain. Ordinary gains can't offset capital gains.