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!
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:
Thank you for choosing TurboTax.
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:
Thank you for choosing TurboTax.
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