OT count,
i agree about not offering advice--I just couldn't stand to see Mickey get his heart set on something that was not going to work out like he had counted on.
I sold 20+ rental houses between 2005 and Summer 2007 that I had accumulated in the early 90s all with capital gains taxes paid although I still have several thousand dollars of stock loss carryover through 2008 tax year. ($3000 was taken against regular income each year since the losses occurred)
Count, in your response to me you've called Mickey's 'capital loss carryovers,' but Mickey plainly said they were 'stock loss carryovers' from a bath on IDCC many years ago. Two very different animals.
I absolutely thought the same as you the first year I sold houses that I would be able to absorb some of the blow by using all my stock loss carryover. No, no says the accountant "Why do you think they call it 'stock loss carryover, robj'? Boom, full capital gains taxes on house profits.
Mickey will either pay capital gains on his sold houses or regular income tax depending on how he is structured. His multi-million dollar stock carryover loss won't help a penny on his real estate deals.
That's my last post on it as I agree about giving free unsolicited opinions on these boards. The recipient gets exactly what he pays for. If I had paid the premium board, I would have sent this in a pm to you.
Regards,
robj
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