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Trigger tax loss by gifting an asset

PMC999 · 2019-03-29 10:19:09

Hypothetically if a person was to gift an asset to a third party and the current market value of the asset is less than its original purchase price would this result in a tax loss for capital gains tax purposes? Thanks

29-03-2019 10:19am

#1

PMC999

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Hypothetically if a person was to gift an asset to a third party and the current market value of the asset is less than its original purchase price would this result in a tax loss for capital gains tax purposes? Thanks

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#2 30-03-2019 6:58pm

Marcusm

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PMC999 wrote: »

Hypothetically if a person was to gift an asset to a third party and the current market value of the asset is less than its original purchase price would this result in a tax loss for capital gains tax purposes? Thanks

Make sure it is a truly independent party as otherwise you would have a restricted loss.

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#3 30-03-2019 7:03pm

Sleeper12

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The person you gift it to with get hit with gift tax

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#4 31-03-2019 12:52am

namenotavailablE

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Also, check paragraph 9.10 of the following PDF Revenue document- losses between connected persons are restricted in their use:

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-19/19-02-09.pdf

Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm

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