Loss On The Sale Of Rental Property

[Celyddon]

s About Taxes)/loss on the sale of rental property Advertisement Expert: Helen P. O`Planick, EA - 6/6/2006 My wife and I are selling a condo we have rented and owned for over one year.  We are anticipating a loss of about $7K-$10K.  My question is, do I pay this up-front at the sale...or later?  How does this affect my taxes?  What if I don't have the $10K to pay right now?

Thank you for your help!

[Mariel]

I don't understand your question.  If you are saying after the sale you will owe your lender $10K, you will have to pay that at the sale. If you are talking your taxes - if this was a true rental property, it should save you tax dollars, not cost you.

Helen, EA in PA