Is it possible to capitalize and accumulate rental losses from 216 returns so that these can be used to future capital gains when I sell house in Canada?
If yes, how can it be done?
Capitalizing rental losses on non resident 216(4) returns
Moderator: Mark T Serbinski CA CPA
Other than expenses to IMPROVE the property (particularly whwn it is not available for rent) are capitalized.
Unfortunately any net losses are lost fromn year to year.
Of course, if you are already incurring a loss on 216, DO NOT depreciate like you must do on your 1040.
Unfortunately any net losses are lost fromn year to year.
Of course, if you are already incurring a loss on 216, DO NOT depreciate like you must do on your 1040.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best