Where do I claim rental loss from previous years?

[Boonclick]

I have a rental property that incurred a loss in 2020 which was carried forward to 2021, this past year the property made a profit, how can I apply the loss against it? Thanks!

[KateQuinn · Accepted solution]

If your rental loss is more than your income from other sources, your loss is considered a non-capital loss and can be carried backward or forward. 

To apply your non-capital rental loss carryforward on TurboTax online:

1. Open your TurboTax 2021 return. At the top of your screen, select the "Find" icon.
2. In the search bar, type Non-Capital Loss Carryforward, select it from the list and select Go.
3. If you are filing with a spouse, check off the box(es) for the return in which the non-capital loss applies to and press Continue.
4. On the Non-Capital Loss Carry Forwards page, enter the amount of non-capital losses incurred in 2020 that have been carried forward. (Your available losses are shown on your Notice of Assessment or Notice of Reassessment from last year.) Select Continue.
5. Enter the amount of Non-Capital Losses Being Claimed in 2021. Select Continue to save your work.

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