[Question] Rental Income\Loss

[AmithS]

Hi All,

Has anyone experienced this before with there rental income loss on there personal income tax.

Quote: "Rental expenses have been limited to rental income based on the following"

And there is a whole long 2 page story about conducting a trade with no intention of making a profit!!!!

Any advise would be welcome.

Thanks,

[flaker]

not personal experience. this is meant for Tax payers wanting to minimise payment of taxes by other means, loss on farming activity etc.especially in cases where there is no profit to be made in the forseeable future.the investment has to have a profit motive is the main thing.

[Dave A]

Effectively what the receiver is trying to do is prevent you from offsetting losses against other profit centers.

You could appeal, arguing that you intend to make a profit in future, but the onus will be on you to prove your case...

An option would be to wrap the property in a cc - at least you'll be able to offset past losses against any future profits.

[Martinco]

An option would be to wrap the property in a cc - at least you'll be able to offset past losses against any future profits.

I can offer you a CC that previously owned property and with an accumulated loss ( nothing else )