Thank you very much! How about the suspended loss carried forward during rental period (mainly from depreciation). Can it be used to offset gain from selling?
I assume if it already meets 2 out of 5 year rule then it is a moot point because given the 250k/500k exclusion, no tax due anyway.
What if it does not meet 2 out of 5 year rule? Is the sale treated the same as a sale of investment property from Day 1. In that case can suspended loss be used to offset gain?
Is it one or the other? Either benefit from 250k/500k exclusion, or offsetting suspended loss from gain?
Thank you again!
@Carl
@Opus 17
