personal tax - offsetting property losses

phoebe
Registered Posts: 17 Dedicated contributor 🌟 🐵 🌟
Personal tax - can property losses be offset against any income during the year or is it just against income from property in future years?
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Comments
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hello, the answer to your question, is that the losses can only be off set against future property income gains :001_smile:0
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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.
Sara0
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