Author Topic: Possibly selling two places... tax question  (Read 972 times)

AlmstRtrd

  • Stubble
  • **
  • Posts: 183
Possibly selling two places... tax question
« on: April 15, 2014, 09:48:20 PM »
I have two homes that I am thinking of selling in the next two years and I have a tax question. I own a co-op apartment in NYC that has a big gain on it (got lucky with the timing). I have a house in CT that will most likely sell for a loss (stupid buy at the end of 2008, but there were life considerations). If I take a loss on the CT place, can I use that to offset a gain on the NYC place? I know that I am allowed to clear up to $250,000 on a primary residence but am trying to avoid capital gains taxes if my gain is more than that (not sure yet). Thanks for your help.

Wile E. Coyote

  • Stubble
  • **
  • Posts: 225
Re: Possibly selling two places... tax question
« Reply #1 on: April 15, 2014, 10:11:19 PM »
I have two homes that I am thinking of selling in the next two years and I have a tax question. I own a co-op apartment in NYC that has a big gain on it (got lucky with the timing). I have a house in CT that will most likely sell for a loss (stupid buy at the end of 2008, but there were life considerations). If I take a loss on the CT place, can I use that to offset a gain on the NYC place? I know that I am allowed to clear up to $250,000 on a primary residence but am trying to avoid capital gains taxes if my gain is more than that (not sure yet). Thanks for your help.

It depends on whether the home in CT was used in a business or for investment.  If it was not used in a business or for investment, then you will not be able to claim a loss.