SMF - Just Installed!

Offsetting losses against future profits.

Started by McLovin, February 15, 2016, 10:19:14 PM

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McLovin

I would like  to put a new boiler in for a tenant as the one she's got has had several visits from the plumber recently. I've also totally overhauled another property that's cost me way more than my rental incomes. Can I offset the boiler cost against my 2016-17 income as this advice from another website (below) seems to suggest? Or do I need to wait till April 6th to call the plumber in? The boiler will last but I don't like my tenants to be bothered with potential future issues.

"If you're making a loss on your rental properties then you'll need to deduct any losses from profits and enter the figure on your Self-Assessment form, remembering that your losses can be offset against future profits (by carrying it over to a later year) or against profits from other properties in your property portfolio."

theangrylandlord

Yes you can offset the losses against  future years I come.
No you do not need to wait for the plumber
Yes the other website information is accurate.