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Are rental property losses deductable from income?

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vicars | 20:42 Thu 25th Jan 2007 | Business & Finance
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Hi, If I make a loss on my rental property (income wise) can this loss be deducted from my main income for tax purposes? EG if my net is 30k and loss is 5k am I taxable on 25k? I am self employed.
Look forward to answers. Thx.
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Avatar Image Loosehead
Yes you can offset losses but be prepared for the revenue to investigate, our Gordon don't like give dosh back!
10:57 Fri 26th Jan 2007
Avatar Image kags
Unless it is a furnished holidays lettings business, then you can only carry the loss forward to offset against future rental profits.
14:47 Fri 26th Jan 2007

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