I have a rental property in my hybrid trust.
The trustee company/trust has accumulated a loss (expenses from loan, car, ebay business, body corporate, council rates) over the past 6 years.
I was told by my accountant that if I sell the property and make a capital gain, that capital gain can be reduced by deducting the loss carried over from previous years.
Is that true?
I thought Capital gain can only be offset by capital loss?
The trustee company/trust has accumulated a loss (expenses from loan, car, ebay business, body corporate, council rates) over the past 6 years.
I was told by my accountant that if I sell the property and make a capital gain, that capital gain can be reduced by deducting the loss carried over from previous years.
Is that true?
I thought Capital gain can only be offset by capital loss?