My Husband died in November 2011. He had 5 Investment Properties on his name. The properties are now transferred on my name and I have taken over the mortgages on the Property as well. My husband made losses on renting these properties. Can these losses (my husbands) up to tax year 2010/11 be transferred to me to offset against any future profits on investment properties. I have taken over all the properties with a negative equity.
Thanks
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I am afriad the losses do not come across to you.
You are deemed to have taken over the properties at the probate value for the purposes of future capital gains and losses.
But for income tax, you will start with a "clean slate"