Tax questions? You ask lah! #32

Published: Wed, 07/21/21

Tax questions? You ask lah!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

Tom has 3 investment properties, one of the properties has incurred rental loss in the Year of Assessment 2020, can he contra the rental loss with other properties which are with rental gain?

Yes, you may offset the rental loss from one property against the rental gain from other properties.

My net rental income for Year of Assessment 2019 is negative (rental loss), can I carry forward the rental loss to the next year?

No, rental loss cannot be carried forward to the next year.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!

P.P.S. Do you want more tax saving tips? Because this is just the tip of the iceberg. View my course here: bit.ly/youaskzenlah

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