Capital Loss on sale of an investment property.

Question

My wife sold an investment property in 2007-2008 tax year.
Incurring a capital loss of $17,000. Can this be claimed against her income tax this tax year ie 2008-2009

Answer

The capital loss must be included in her 2008-2009 income as a carried forward loss and continue to be included until it is offset against a capital gain but it cannot be used to offset other forms of income.