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Can a loss on a BTL property be offset against income from working?
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JennyP
Posts: 1,067 Forumite
Actually, the title says it all.
I think I will make a slight loss on my rented out property this year as I had a void period. Can this be offset against my income tax from my job? Or can I carry it forward to next year and if so how?
Thanks!
Jen
I think I will make a slight loss on my rented out property this year as I had a void period. Can this be offset against my income tax from my job? Or can I carry it forward to next year and if so how?
Thanks!
Jen
0
Comments
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No, you can't set it off vs income, but I think you can carry it forward against profits from the same trade.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Exactly as Rick62 says.
If you tell your tax office what your net loss on letting is this tax year, then you can just deduct it from your rental profits next year.0
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