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Offsetting a Capital Loss on a shared property against a Capital Gain

  • 18-11-2013 6:42pm
    #1
    onekeano
    Registered Users, Registered Users 2 Posts: 214 ✭✭


    Myself and 2 siblings inherited the family home about 7 years ago. The value has dropped significantly > 50%. One sibling would like to cash in now which would incur a significant capital loss.

    However, that sibling would have an opportunity to realize some significant capital gains elsewhere which in the normal circumstances would be offset by the capital loss.

    It appears that if this sibling sells their share in the family home (at the current full market value) to family, then they are not allowed use that loss to offset it against the capital gain elsewhere?

    If someone could confirm this or provide any advice for this kind of situation it would be very much appreciated,

    Roy


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