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Question on Capital Gains Tax for sale of primary residence

  • 29-01-2017 10:39am
    #1
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭


    Hey guys,

    Just wondering about something; I sold my principal private (overseas) residence last year and realized a loss on the sale. Revenue's guidance says:
    A loss on a disposal will normally be allowable if a gain on the same transaction would have been chargeable.

    However, as it was my principal private residence, it qualifies for the full relief on capital gains tax on any gains made on the sale. Since it qualifies for this relief, does this mean I cannot claim that loss on the sale of that residence? (I would like to claim the loss if possible to offset other unrelated capital gains I made during the year.)


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    dennyk wrote: »
    Hey guys,

    Just wondering about something; I sold my principal private (overseas) residence last year and realized a loss on the sale. Revenue's guidance says:



    However, as it was my principal private residence, it qualifies for the full relief on capital gains tax on any gains made on the sale. Since it qualifies for this relief, does this mean I cannot claim that loss on the sale of that residence? (I would like to claim the loss if possible to offset other unrelated capital gains I made during the year.)
    No loss relief on per. We're you Irish resident when selling your oversees ppr? If so could you argue it wasn't your ppr for a period and a portion of the loss is allowable.

    I would recommend speaking to a specialist.


  • #3
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    CIARAN_BOYLE wrote: »
    No loss relief on per. We're you Irish resident when selling your oversees ppr? If so could you argue it wasn't your ppr for a period and a portion of the loss is allowable.

    I would recommend speaking to a specialist.

    That is allowable.
    As periods of non occupation are disallowed for PPR relief, losses on PPR can also be allowable in relation to the total loss apportioned for periods of non occupation.
    Can utilise this portion against other capital gains.


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