What is the name of your state (only U.S. law)? california
i currently have a long-term loss that i am deducting 3000 a year.
i have a property that i may sell that would have a gain that is over and above the loss that i have.
can i do a 1031 exchange on the property, and leave my current loss on my tax schedule ?
or would i first have to subtract the loss from the gain, and then just do a 1031 exchange on the excess gain ?
i currently have a long-term loss that i am deducting 3000 a year.
i have a property that i may sell that would have a gain that is over and above the loss that i have.
can i do a 1031 exchange on the property, and leave my current loss on my tax schedule ?
or would i first have to subtract the loss from the gain, and then just do a 1031 exchange on the excess gain ?