I had a rental property. In the 23/24 tax year it made a profit and will incur personal tax.
The property was sold in May and there were significant renovation costs incurred. Which would generate a tax loss in 24/25 when the tax year is done. These would cover the tax I need to pay for 23/24.
Is there any way I can offset backwards to mitigate the 23/24 tax year profits? Or am I destined to lose the tax losses generated in 24/25.
Fyi I had a cgt profit on sale, and have paid the tax on that.
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