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Can you offset Negative BTL income against other income?
ManicMum
Posts: 845 Forumite
in Cutting tax
Hello
we sold our BTL in May 2010. So only I month of rent and expenses to worry about there for 10/11 tax return. However, when we worked out rental income less mortgage payment, less wear and tear, etc, we are into minus figures. This is due to last whole month's rent cheque being 1st April 2010 so that went into 2009/10 and only £187 rent being taken for part of May 2010/11.
We then sold property but can we offset any of that minus income figure against any other income for 2010/11 or is that lost forever now?
Thanks
we sold our BTL in May 2010. So only I month of rent and expenses to worry about there for 10/11 tax return. However, when we worked out rental income less mortgage payment, less wear and tear, etc, we are into minus figures. This is due to last whole month's rent cheque being 1st April 2010 so that went into 2009/10 and only £187 rent being taken for part of May 2010/11.
We then sold property but can we offset any of that minus income figure against any other income for 2010/11 or is that lost forever now?
Thanks
0
Comments
-
I thought I answered on the other thread
It's lost.0 -
You can carry it forward indefinitely to set against rental profits of any future property.0
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