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Tax question is there anyway to offset a capital gain of 60…

Tax question is there anyway...
Tax question is there anyway to offset a capital gain of 60 to 70k by buying another commercial property
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Answered in 3 minutes by:
10/16/2017
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,957
Experience: Taxes, Immigration, Labor Relations
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If you simply purchase an asset - that amount is capitalized - and will not offset the capital gain...

Only if you realize a capital loss by selling another asset - that capital loss may be used to offset the capital gain.

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Depending how that gain is realized (which asset is sold?) - we might be able to use section 1031 like-kind exchange to defer (not avoid!) the capital gain.

Let me know if you need any details.

Lev
Lev, Tax Advisor
Category: Tax
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Experience: Taxes, Immigration, Labor Relations
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