Loss on Rental Property

I have just sold my rental property. The rental property used to make losses because it is quite heavily mortgaged. Can I offset the losses against my income?

21st September 2012

Rental losses can only be carried forward and set against future rental profits. So, if you have no other rental income you will not be able to offset these losses I am afraid.

In addition, any loss on the disposal of the property would be a capital loss and cannot be set against other income. It can only be set against future capital gains.

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