As per CRA, you will have a terminal loss when you have no more property in the class at the end of a year but you still have an amount you have not deducted as CCA
I am assuming that the definition above applies if you have another rental property in the same class but in a different location (other than the one where the property was sold from). Is that correct?
So, if you cannot claim a terminal loss because you have another property in the same class (even if that is in a different location than the one sold at a loss), what happens with the "capital loss"? I still have an amount that is not deducted as CCA.
I cannot offset the gain from the other rental property cause the loss is bigger than that. Can you carry that loss forward? What happens to it? TurboTax does not seem to capture that loss to be carried forward but maybe I am mistaken.
Thank you!
