Capital gains Tax on investment property in negative equity

Eire2008

Hello.
I've recently sold my apartment (NPPR) which I rented out for the latter half of my ownership. I lived there from 2005-2010, I rented it out from 2010-2017.
I paid 226K for it in 2005 and sold it this week for 175K. As it was a loss, I'm looking for advice on whether I need to pay CGT and if so, with these figures, any idea how much it would be?
Many Thanks

nompere

As a general rule, if you sell something for less than you paid for it, you pay no CGT.

Da11

CGT is only paid on GAINS ( Capital Gains Tax) Therefore if you did not make any gain you don't pay any tax.

Also if you did make a gain , disposing your principal private residence ( partially in your case) would give you a relief from cgt

Eire2008

Thanks very much for the replies.
Would I still need to declare the sale to revenue on ros.ie?
And is there any claw back I can claim because of the loss.

On the positive side, I'm so so happy to be rid of the place!

Thanks again!

The_Chap

Eire2008 wrote: »

Thanks very much for the replies.
Would I still need to declare the sale to revenue on ros.ie?
And is there any claw back I can claim because of the loss.

On the positive side, I'm so so happy to be rid of the place!

Thanks again!

You will still need to complete a cgt form for the year and declare any capital loss, you may be able to use the losses carried forward against any gains you may make

stormpiper

CGT losses are only allowable against CGT gains. So unless you can use it against a gain on another CGT transaction this year , it'll be carried forward and it will be usable in the future. You do need to file a return.

Eire2008

Great, thanks all!