Have a question on Capital Gains from property sales. Can I offset any Capital Gains from a property sale against my current Capital Losses which I have been using at the standard rate of $3000/year/
Inotherwords, if I have a total outstanding capital losses of $50,000.00 which I was depleting by $3000.00 every year and if I sell a property which ends up in accruing gains of $50,000, can I use this gains of $50,000 on Schedule D and in essence completely zero out all of my capital losses and not pay any Capital Gains taxes?
Thanks