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On your rental property, it sounds like you will have a long term capital loss, which will be deductible on your tax return since it was on a rental property. You will only be able to take $3,000 of the loss per year, the balance will be carried forward to future years.
On the sale of your principal residence you may qualify for an exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met:
On your rental property, it sounds like you will have a long term capital loss, which will be deductible on your tax return since it was on a rental property. You will only be able to take $3,000 of the loss per year, the balance will be carried forward to future years.
On the sale of your principal residence you may qualify for an exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met:
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