If I have a net income loss the last year the property was a rental property and I do not write off the final year's loss, can I sell the house and not pay capital gains?No, both the final year’s loss and the gain from the sale of the house need to be reported. Different tax rates apply so it is not a wash effect.
Annette Hall, CPA
515 Keisler Drive
Cary, NC 27518
919-468-0505
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