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CGT loss question

Fol20 · 2022-03-09 12:46:21

Hey guys, I just have a few quick questions on calculating my cgt liability. Im also ignoring the person exemption in my sample calculations below as well. 1.If i make a gain of 5k in jan to Nov, and a loss of 1k in Dec. I also make 0 gains or losses in 2022. Come the end of 2022. Will i get a 1k tax refund due to my loss…

09-03-2022 12:46pm

#1

Fol20

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Join Date: August 2006

Posts: 3253

Hey guys,

I just have a few quick questions on calculating my cgt liability. Im also ignoring the person exemption in my sample calculations below as well.
1.If i make a gain of 5k in jan to Nov, and a loss of 1k in Dec. I also make 0 gains or losses in 2022. Come the end of 2022. Will i get a 1k tax refund due to my loss of 1k in the calendar year of 21 or can i only use the dec 1k loss in gains going forward. Im a little confused on the calendar year or is jan to nov and dec completely separate and not like a prepayment you would do for income tax such as rental income etc.

2.Its again linked to how cgt loss and how it works.
Sell stock A and make a realised loss of 1k on Jan 15th.
Sell Stock B and make a realised gain of 1k on Jan 16th.
I make no other transactions for the remainder of the year. Does this mean i have a gain of 1k i need to pay taxes on and i have to carry the loss forward to the next year OR they balance each other out in the same Jan to Nov time frame?

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