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Capital gains tax Ireland

  • 20-10-2022 12:14pm
    #1
    dicey1
    Registered Users, Registered Users 2 Posts: 5 ✭


    Hi All

    I bought an apartment in 2002 for €270000 approximately If I sell this month for €146000 I will make a capital loss of €124000. I am aware I’m allowed professional fees on sale and I think on purchase. The apartment was rented on a pooled rent system for all the apartments in the complex and I received a net quarterly payment after all expenses that accrued to manage the complex. My query is can I now add those expenses to my capital loss. Thanks in advance to all.

    Post edited by Spear on


Comments

  • #2
    walshb
    Registered Users, Registered Users 2 Posts: 57,357 ✭✭✭✭walshb


    https://www.boards.ie/discussion/2058268315/capital-gains-tax-ireland

    CGT should not apply here. CGT is tax on a gain/profit when selling an asset. Sale price one bought for vs sale price one sold for....a loss is not subject to CGT.



  • #3
    dicey1
    Registered Users, Registered Users 2 Posts: 5 ✭dicey1


    Thanks Walshb I should have been clearer I’m seeing can I increase the capital loss so if I make a capital gain on o other asset in the future I could offset this loss against it.



  • #4
    Spear
    Moderators, Computer Games Moderators, Technology & Internet Moderators, Help & Feedback Category Moderators Posts: 25,753 CMod ✭✭✭✭Spear


    Moved to a forum that's related to the topic instead.



  • #5
    ari101
    Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    Ongoing maintenance/ management expenses on a rental property should have been offset against gross rental income when you completed your income tax return. You should have paid income tax, etc. on the net rent thus you have already had the benefit of these.

    Only money spent on capital enhancements (not including Fixtures, etc. on which allowances were claimed), stamp duty, professional fees on purchase/sale, and similar, should be included in the CGT calc to maximise losses forward.



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