Hello everyone
I am planning to sell my Rental Property (owned for 5 years) this year. I have been carrying forward losses since I have been renting it. I plan to sell it in August 2024. It will be rented till July 2024.
Questions:
1. Can I claim expenses and depreciation for the period that it was rented i.e. Jan-July 2024?
2. If yes, will the losses during that period be added to my existing carry forward losses?
3. If yes, can I use that whole carry forward amount to offset my capital gains tax on sale of property?
For context I have 11k in carry forward losses. I am expecting another 4k in that rented period. My anticipated cap tax is 15-16k. Can I use all (11k+4k) to offset my cap gain?
Thank you in advance
Preeti
