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Get your taxes done using TurboTax
Yes, you can use the capital loss carryover against the capital gain on the sale of the second house.
Review the basis of the second home. It should be the cost to buy the home including the costs of ensuring that the deed was properly registered. You should try to find the HUD1 document that was produced at the time of the purchase. Also, add any capital improvements you made over the years. This will be your adjusted basis. Then you apply the capital loss carryover to reduce the gain.
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‎November 16, 2022
11:09 AM
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