Rental Property

T

tipp2chicago

Guest
Hi.

My husband and I own a rental property.

In 2008 we made a loss of 3K on the property.

In 2009 (after the 75% taxs relief rule) we made a profit of €800.

Can we offset the 2008 loss against the 2009 profit? Or should we do balancing statements for the past few years to bring it all back into alignment?

Thanks in advance for your help.
 
You offset €800 of the loss from 2008 against the profit for 2009 and carry the balance of €2,200 forward to offset against future rental profits.

I don't know what you mean by getting "balancing statements to bring things into alignment" - you need to doa tax return for 2008 & 2009 and every year that you have rental income
 
Hi DB74. Thank you very much for your quick reply, you have been very helpful. Much appreciated.
 
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