How to offset a Capital Loss against other Income

Introduction

This topic explains how to offset a capital loss.

1. Log on to IRIS Personal Tax and select the client.

2. From the Edit menu select Capital Assets.

3. Select Edit from the Capital Assets menu bar, then select Loses and Other Information.

4. Enter the loss which can be offset within the Losses used against this year’s income section within the following screen.

5. Click OK.

The loss entered here will now show as a deduction from income on the tax computation report.