Most of our estimates seem accurate, plus or minus commissions and other selling costs. For #2, if you sold for $525K, you would have a $25K loss.
If you have used this property as a rental for over a year, selling for less than your adjusted basis results in a Section1231 loss. This type of loss can offset any other type of income, including self-employment and capital losses.
Further, if you have passive loss carryovers from prior years on this property. these are deductible when you sell the property.
Read more: TurboTax Guide: Selling Rental Real Estate at a Loss
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
