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bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 3104
Experience:  IRS Enrolled Agent, 18+ years of experience in tax preparation with associated finance experience.
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I have two rental properties that I lose money on each

Customer Question

I have two rental properties that I lose money on each month. In addition I am currently painting and repairing one of them for new tenants. I work full time so can I deduct these losses against my full time income. I live in Canada I am not sure where you are
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: no
Submitted: 2 months ago.
Category: Finance
Expert:  bkb1956 replied 2 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The expenses for the rental property can be deducted against the rental income you receive. Because you already have a loss, the expenses will increase your rental loss, which you can from other personal income for the year.

https://turbotax.intuit.ca/tax-resources/taxes-and-rental-properties/claiming-a-loss-on-rental-property.jsp

You will also need to determine which expenses are CURRENT expenses vs. CAPITAL expenses.

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

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Expert:  bkb1956 replied 2 months ago.

Just following up with you to see if you have any other questions or concerns. If so, please let me know so I can further assist you.

Thank you.

Barb