How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Rakhi Vasavada Your Own Question

Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4473
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now

Can i reclaim a loss on a buy to let property which i have

Customer Question

Can i reclaim a loss on a buy to let property which i have recently sold
Submitted: 4 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 4 months ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

As you talking about "Rental Losses" ? Rental losses are common occurrence with mortgage interest, repairs and empty periods to deal with.

If you have rental losses, you cannot directly reclaim them. The tax system does not allow it and it is not at all generous with that.

First of all, there is no automatic, general right to offset the loss against other income, such as from a job or a business.. However, you CAN reclaim them under specific circumstances. That is not to say that there is no tax relief at all on a rental loss. Any loss is carried forward to the next year in which there is a rental profit (from the same property, or a different one), and used to reduce that profit. If the rental property business never makes a profit before it ends, the tax relief would then be lost forever.

Taking a immediate loss only qualifies for direct tax relief ONLY IN CASE of furnished holiday lettings.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 4 months ago.
How does this apply then if you sell the property and make a loss from the sale. Can this be offset against anything.
Expert:  Rakhi Vasavada replied 4 months ago.

Dear Friend,

Hello and welcome again. Sorry for the delayed reply. I was bit unwell.

YES. This applies even if you make loss on sale. You cannot adjust rental gains against that.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W
< Previous | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
 
 
 

Meet The Experts:

 
 
 
  • Rakhi Vasavada

    Rakhi Vasavada

    Financial Advisor

    Satisfied Customers:

    1792
    Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
< Last | Next >
  • http://ww2.justanswer.com/uploads/RA/rakhi.v/2012-7-3_14374_RakhiVasavadaL.64x64.jpeg Rakhi Vasavada's Avatar

    Rakhi Vasavada

    Financial Advisor

    Satisfied Customers:

    1792
    Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
  • http://ww2.justanswer.com/uploads/BL/blueflowers1063/2013-10-10_35834_KimHolidays1.64x64.jpg Kim D.'s Avatar

    Kim D.

    Consultant

    Satisfied Customers:

    27
    Researcher 20+yrs in small and large institutions
  • http://ww2.justanswer.com/uploads/NU/nursescare4u/2013-3-31_03429_JApic.64x64.jpg findinganswers's Avatar

    findinganswers

    Internet Researcher

    Satisfied Customers:

    22
    Internet Researcher, Nurse for over 17 years, and can find answers for you!
  • http://ww2.justanswer.com/uploads/PR/ProMBA/2012-6-7_154051_beach.64x64.jpg ProMBA's Avatar

    ProMBA

    Internet Researcher

    Satisfied Customers:

    3
    I'm an owner of three businesses, with both undergraduate and graduate business degrees from top tier universities.
 
 
 

Related Finance Questions