aabrooke
New Member

I sold my rental property in the UK in feb 2017 and it shows capital gains of -$2170 (so assuming this is a loss?). Can this offset what I have to pay out?

 
TurbotaxRobert
Level 2

Investors and rental owners

The amount calculated, if shown with a - sign, does in fact reflect a loss.  For tax purposes, in Canada, net capital losses can only be applied to taxable capital gains and they cannot be used to offset other income.