Selling Rental

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ZCULP
Posts: 13
Joined: Tue Mar 31, 2015 11:04 am

Selling Rental

Post by ZCULP »

Hey everyone, looking for advice. I am selling a rental and will net about $32,000 when all is said and done. I’m looking for the best way to avoid the tax hit. I’m a 1099 insurance agent so just wondering what you all think is best, thanks.
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galawdawg
Posts: 4529
Joined: Thu Dec 14, 2017 12:59 pm
Location: Georgia

Re: Selling Rental

Post by galawdawg »

What you "net" is irrelevant. You'll be taxed on any gain, including depreciation recapture.

You can look into a 1031 exchange. Otherwise you'll just have to pay what you owe.
Last edited by galawdawg on Thu Sep 22, 2022 4:37 pm, edited 1 time in total.
exodusNH
Posts: 5437
Joined: Wed Jan 06, 2021 8:21 pm

Re: Selling Rental

Post by exodusNH »

ZCULP wrote: Thu Sep 22, 2022 4:21 pm Hey everyone, looking for advice. I am selling a rental and will net about $32,000 when all is said and done. I’m looking for the best way to avoid the tax hit. I’m a 1099 insurance agent so just wondering what you all think is best, thanks.
If that income counts as a capital gain, could you offset by taking some paper losses with your taxable brokerage account (TLH?).
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