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realrez4589
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CARRY OVER LOSSES APPLIED TO CAPITAL GAIN FROM SALE OF VACATION HOME

I HAVE SHORT TERM CARRYOVER LOSSES OF $128,000 AND LONG TERM CARRYOVER LOSSES OF $64,000.  THIS YEAR, I SOLD A SECOND HOME (NOT PRIMARY RESIDENCE) WHICH I HAVE OWNED FOR 9 YEARS,  RESULTING IN A $120,000 NET GAIN.  HOW MUCH OF THE TOTAL CAITAL GAIN FROM THE SALE CAN BE OFFSET BY PRIOR CAPITAL LOSS CARRYOVERS ?

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CARRY OVER LOSSES APPLIED TO CAPITAL GAIN FROM SALE OF VACATION HOME

Your capital loss carryovers should wipe out your entire capital gain on the sale of your second home.

 

I presume the second home is not used for business or rental purposes.

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