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bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 3362
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: 6 months ago.
Category: Finance
Expert:  bkb1956 replied 6 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.

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

Please let me know if I can assist you further.

Thank you and best regards,


Expert:  bkb1956 replied 6 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.