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Category: Tax
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Experience:  over 40 years experience in tax matters
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If I sell a rental house this year via contract for deed will

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If I sell a rental house this year via contract for deed will I be able to take the whole capital loss in this tax year to offset gain from sale of another property?

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Yes you can if the rental property sale closes this year. If it is not a completed deal you will not be able to claim the loss until the year the sale closes.

Customer: replied 6 years ago.
Ok. But with a contract for deed I won't receive all the sale proceeds at closing, and will not receive most of them until next year. Would that affect your answer?
If you do not close completely by December 31st this will be a 2011 sale. You could close this year and hold a mortgage until sometime next year. That would accomplish what you want and it would also make it more difficult for the buyer to back out without returning the collateral (property) to you.
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