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lemieux-paul
New Member

Can I deduct my total ST loss carryover from a LT gain on the sale of rental property? I sold a vacation rental property in 2017 and have a significant capital gain.

Short term capital loss is from 2000 and has balance of -$121,200.  Rental home was sold in 2017 and has capital gain of $168,600.
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Hal_Al
Level 15

Can I deduct my total ST loss carryover from a LT gain on the sale of rental property? I sold a vacation rental property in 2017 and have a significant capital gain.

Yes, that is allowed. In fact, short term losses (including carry over) are applied against depreciation recapture, as well as the long term gain. TurboTax will handle that automatically on schedule D.

I assume you have been using some of the loss from 2000 on each subsequent year return and $121,200 is the carry forward amount from 2016.

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1 Reply
Hal_Al
Level 15

Can I deduct my total ST loss carryover from a LT gain on the sale of rental property? I sold a vacation rental property in 2017 and have a significant capital gain.

Yes, that is allowed. In fact, short term losses (including carry over) are applied against depreciation recapture, as well as the long term gain. TurboTax will handle that automatically on schedule D.

I assume you have been using some of the loss from 2000 on each subsequent year return and $121,200 is the carry forward amount from 2016.

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