I've owned a 2nd home for over 10 years. I sold that 2nd home in 2022 with a profit. Can I use my long term capital loss carry over to off set that capital gain earned from selling the 2nd home?
Hello there!
The gain on the sale of your home is a long term capital gain.
You can use your capital losses carried forward from previous years to offset the capital gain on the sale of your 2nd home.
Here is a resource you may find helpful:
https://turbotax.intuit.com/tax-tips/investments-and-taxes/capital-gains-and-losses/L7GF1ouP8
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