Filing Single. Sold rental property. Capital gains $40,000. Can I spread gains over a few years to claim less income for 2019?

[tagteam]

"Can I spread gains over a few years to claim less income for 2019?"

No, not unless you are receiving payments spanning a few years (i.e., an installment sale). Otherwise, you have to recognize the gain in the year the property was sold.

[mdmaclise]

Thank you.

[Critter]

And the depreciation taken or allowed will be recaptured first as ordinary income, the rest would be considered capital gains which will make a difference on the return .... you may want/need to do some what if scenarios to see where you sit so you save enough for taxes.