I have two rental properties, both overseas.
In 2011, I rented one, The other I tried to rent but didnt rent it at all. I have no mortgage on it but did pay expenses such municipal charges, rates etc. In the end I used it only for holidays and took no rental, which suited me. I made little effort to rent it.
I'm now filling out my tax return, on form 12. I have two questions
1) for the question, how many rental properties do u have, should I say one or two? In previous years I rented both and declared both.
2) can I offset expenses on the unrented one against the rented one?
In 2011, I rented one, The other I tried to rent but didnt rent it at all. I have no mortgage on it but did pay expenses such municipal charges, rates etc. In the end I used it only for holidays and took no rental, which suited me. I made little effort to rent it.
I'm now filling out my tax return, on form 12. I have two questions
1) for the question, how many rental properties do u have, should I say one or two? In previous years I rented both and declared both.
2) can I offset expenses on the unrented one against the rented one?