Can I use the loss from rental properties to write off my personal income?

Question

I have some rental properties and I have Net Income Loss after depreication.

My question is, can I use net loss from rental properties to write off my other income. So I can reduce my taxable income?

Answer 1

You can't use CCA (depreciation) to create a loss.

For information on this, check out http://www.cra-arc.gc.ca/E/pub/tg/t4036/t4036-e.html#P546_51770

If you have legitimate losses that do not include CCA, they do go against your personal income. Check out http://www.cra-arc.gc.ca/tax/business/topics/rental/about/report/menu-e.html for information on rental income.

Answer 2

no longer on your significant domicile as a regular rule. pass to IRS.GOV and enter propety loss interior the hunt container and stick to the thread to classes touching directly to pronounced venture. in case you start up off digging in somewhat deep it gets exciting. Say you had a flood and lost 40K of floor that grew to become into washed downriver and that's no longer lined by making use of coverage then you certainly might have uninsured loss you are able to take on your Sch A in case you itemized and met the factors. If the 40K is purely using our sinking and floundering financial device then you certainly are kind of "you realize what".