I'm playing around with centrelinks FTB calculator and am now totally confused with their rules, looking at the tax report from the PIA software what tax figures should I be entering? New taxable income? and then from the summary, after tax cash flow, for the loss?
INCOME FROM JOB $20,000
INCOME FROM RENT $20,000
TOTAL INCOME $40,000 Correct
DEDUCTIONS WORK RELATED $1,000 minus from income
RENTAL DEDUCTIONS $50,000
TOTAL RENTAL LOSS $30,000 (INCOME - RENTAL DEDUCTIONS) add to income
Wouldn't this make a total income of $69000?
So in effect the rental income doesn't get added in to start with, as essentially its included with the loss.
So lookin at the tax benefits report from the PIA software, it would be my new taxable income + after tax cash flow, correct?