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.
Comments
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