Losing money on rental property, any upside to this?
I have a knack for picking the top of real estate market, and buying right at top. Did it in 2007 and again in 2014, LOL, FML.
Anyways, i have a rental property that is underwater, and cashflow negative. Are there any accounting/tax tricks to minimizing the shittyness of this situation?
Like somehow booking the loss against my income, to lessen my personal income tax? Or can the rental loss be used to negate some stock earnings (although these were within a TFSA, so these earning would not be taxed?)?
Selling the house now for a loss seems like worst choice, would like to at least hold on for a year and hope the housing market or rental market improves.
Any thoughts on dealing with situation like this?
My Karma ran over your Dogma