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Post Info TOPIC: Losses in final year of income from property
Jay


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Losses in final year of income from property
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Good evening all.

My client rented out one property for a number of years.

He decided to sell the property; his CGT will be small, due to the property price situation at present. He now only has a state pension.

 

With regard to the income from property, this ran at a loss for the final year. Can these losses be set against anything. I suspect not, but could they be included as a CGT expense as these expenses were the upkeep of the property ( No income as tenant left) whilst the sale process was in place.

Having one of those days again.......................  no

 

Thank you

 

Jay

 

 

 



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YLB-HO


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Your suspicions are correct, property income losses can only be claimed against future property income profits. Certainly not CGT expenses, which are pretty retricted anyway.

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Frauke
BKN Book-keeper of the year 2011
Jay


Senior Member

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I had a rethink about this a week ago, and came to the same conclusion as you, so your response was very reassuring.

Thank you



Jay


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