Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!
Q: For rental income, if one property is making profit and the other property is suffering loss, can the rental loss be offset against the rental income? If can, must the properties be of the same type? E.g. Residential property with residential property; commercial property with commercial property.
A: Yes, rental loss of one property can be offset against rental income of another property. The properties do not have to be of the same type.
Wishing you plentiful tax savings!
YYC Tax Guru