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Capital Gains Tax

  • 04-01-2015 2:02pm
    #1
    rosie_c
    Registered Users, Registered Users 2 Posts: 16 ✭


    Hi guys,
    Hope somebody can answer this for me - my father has a sale agreed on a house in Dublin which will be liable for capital gains on about 200k. He has another house he has been trying to sell in Leitrim for over a year which will be making a loss of well over 200k - he bought for 370 and it's market value is now about 120-140. He hasn't been able to get an answer to this question to date - do both houses have to sell in the same calendar year to write the loss of one off against the gain of the other? Or does the Leitrim house have to sell before the Dublin house.
    I'd really appreciate your expertise. Thanks so much.


Comments

  • #2
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    rosie_c you can't seek professional advice here; I suggest you contact a tax consultant in order to deal with your query.


  • #3
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    rosie_c wrote: »
    Hi guys,
    Hope somebody can answer this for me - my father has a sale agreed on a house in Dublin which will be liable for capital gains on about 200k. He has another house he has been trying to sell in Leitrim for over a year which will be making a loss of well over 200k - he bought for 370 and it's market value is now about 120-140. He hasn't been able to get an answer to this question to date - do both houses have to sell in the same calendar year to write the loss of one off against the gain of the other? Or does the Leitrim house have to sell before the Dublin house.
    I'd really appreciate your expertise. Thanks so much.

    He needs to sell the one with the loss first(Leitrim). Then the one with equity after it. But he might as well spend a hundred with a tax advisor, as a mistake could cost him thousands.


  • #4
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,627 ✭✭✭✭Marcusm


    Capital losses can be used against capital gains arising in the same calendar year. Any up utilised losses can be carried forward to later years to be used. Capital losses can be restricted, eg on sales to connected parties, so be a little careful if your father is looking to crystallise the loss.


  • #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Moved to the Taxation forum (from Accommodation and Property). Please note, the charter governing the Taxation forum applies- and should be adhered to, by any posters to this thread.


  • #6
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Threads merged and duplicate post deleted.

    @rosie_c - please do not post multiple threads on the same topic across different forums.

    dudara


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