Hi, I have a negative net income in Canada this year.
Can this amount be used to reduce my taxable income in the US?
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You would report your business income and expenses incurred in Canada the same as you would if incurred in the United States, so you can deduct a business loss sustained in a business carried on in Canada if that is what you mean.
Thank you ThomasM125. To clarify, the negative net income comes from two rental properties that I own under my personal name, it's not owned under a business entity.
In this case, can I still deduct this net loss from my taxable income in the US? Thank you.
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