Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 8:01:12 PM

I have a large rental income loss (expenses far exceed rent collected), am I able to carryforward some of the loss to next year's return?

0 1 637
1 Replies
Level 13
Oct 30, 2019 8:01:13 PM

Rental expenses have to be claimed in the year they were incurred. Rental losses can be claimed against other income like employment income.

But first, you will need to determine if your expenses are current or capital expenses.

Here is more from the CRA:

Rental expenses you can deduct: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/bt/rprt/xpns/menu-eng.html

And this one from TurboTax Tips:

Dos and Don’ts: CCA for Rental Property Explained:  https://turbotax.intuit.ca/tips/dos-and-donts-cca-for-rental-property-explained-6377