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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4512
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I have a rental property and a primary residence. I am

Customer Question

I have a rental property and a primary residence. I am single and the taxes are killing me.I am wondering if I should sell one/both of the properties.
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.
Hi from just answer. I'mCustomerIf your rental is throwing off taxable income, sell it. Sounds like you want tax losses from your rental.You might consider a 1031 exchange for the old rental property to defer the current tax cost.A rental that breaks even on cash flow will throw off tax losses you can use now. Keep that in mind when you do for the next one.Thanks for asking at just answer. Ask follow-up if needed. If this covers things, please rate my assistance when you accept. I'mCustomer