Question: Do i need to fill-up a schedule to reflect carry forward loss in the next year tax form related to rental property in the Individual Tax Return (ITR)?
Suggested Answer: There is no need to fill-up any schedule related the prior year carry forward rental property loss, because it will automatically reflect via Deductions > Losses section. Please refer with below illustration:
1. There is a rental property loss of -4,000 in "ITR Form 2024".
2. In the ITR 2024 form, the rental property loss of -4,000 will flow in Deductions > Losses (L1) tab.
3. When you create the next year form "ITR 2025", the prior year rental property loss of -4,000 will rollover via Deductions > Losses (L1), under line item "Losses brought forward from earlier income year".
NOTE: In case there is change or amendment in the prior year rental property loss, you need to click the Rollover button to update the current year tax form that you are working on. Here is the related guide link about rollover - Rollover.