These may be simple enough, but I'd to get some suggestions -
Assuming I sold my primary residence for $100K LOSS and sold one rental property for $100K PROFIT, am I correct that:
1] If these two transaction happen in the same tax year, I pay no capital gain tax? (i.e. primary residence and rental property gain/ loss can be combined for tax purpose?)2] In the above case, if the rental property is owned by a single member LLC (that's me), does it make any difference?
3] If the primary residence was sold last year, but the rental property was sold this year, I need to pay tax on $97K this year and spread the $97K loss over 33 years?4] If I have to sell my primary residence and will likely have big capital loss, but without comparable sized capital profit to realize in the same year, what might be good strategy for tax purpose?
Thanks.
========================================= MODERATOR'S COMMENT: The first assumption is wrong. The loss on personal-use property is disallowed, so it cannot cancel other gains. No need to look at the other questions.