Hi,
Wondering if I could carry forward my loss due to negative gearing on rental property as that amount exceeded my other assessable income.
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5,130 views4 replies
4 replies
5,130 views
4 replies
Yes, but only the net loss that is shown at the bottom of your tax return.
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Yes, but only the net loss that is shown at the bottom of your tax return.
Hi @Commontax2022,
If your overall income and deductions on your return results in a loss amount, as @Bruce4Tax advised, you can carry the tax loss forward. Thereafter, you can deduct the tax loss amount in future years, against income for tax purposes. There are certain deductions that cannot be used to contribute to a loss. A tax loss is different from a capital loss.
You can check out tax losses for further assistance.
Continuing on the same question, in the case of a Non-Resident client for tax purposes, who had only losses from negative gearing, can we carry forward the loss for the following year to be offset against net rental income, when it happens?
Hello @Milad,
The same rules stated above would still apply in this scenario. If you have any more question you can consult the rental properties guide for more information.
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