personal tax - offsetting property losses

phoebe

Personal tax - can property losses be offset against any income during the year or is it just against income from property in future years?

simonlee

hello, the answer to your question, is that the losses can only be off set against future property income gains :001_smile:

speegs

Hi Phoebe

I hate to contradict Simon, but he is not entirely correct.

Yes a rental loss can be offset against future rental income, however, if you have more than one rental property and one makes a loss and the other makes a gain, you can net the loss off against the gain from the other property.

Obviously, if you only have one rental property and that makes a loss then the loss would be carried forward until a gain is made for rental income to offset it against.

I hope this helps.

Sara