Deductions of losses in stock market from gains made in flipping a house

[virs]

What is the name of your state (only U.S. law)? NC

State NC

I own 3 rental properties.

I bought a house at a foreclosure auction in January 08, fixed it and sold it in May 08. I bought this property with the intent to sell (not to rent). I made a decent profit during this transaction.

I plan to bailout of stock market before end of this year and will take a loss on my stock market investment. Will I be able to use the losses in the stock market to offset the gains I made in the flipping of the house?

I have also posted this question in the tax forum..

Appreciate some help..

 

[HomeGuru]

What is the name of your state (only U.S. law)? NC

State NC

I own 3 rental properties.

I bought a house at a foreclosure auction in January 08, fixed it and sold it in May 08. I bought this property with the intent to sell (not to rent). I made a decent profit during this transaction.

I plan to bailout of stock market before end of this year and will take a loss on my stock market investment. Will I be able to use the losses in the stock market to offset the gains I made in the flipping of the house?

I have also posted this question in the tax forum..

Appreciate some help..

**A: short answer yes under certain conditions.