Capital Gains

godtabh

is capital gains due if the asset is solid for less than purchase? I assume not?

ie buy a house for €300k but sell for €250k but still get say €60k back after settling mortgage?

DmanDmythDledge

No.

Assuming you haven't lived in the house as your main residence at any point, that would give you a capital loss of €50,000 (before considering other allowable expenses such as stamp duty on purchase, legal fees etc) that you can utilise against any capital gains you make in the future.

SureYWouldntYa

https://www.boards.ie/discussion/comment/122608651#Comment_122608651

You can only carry the loss forward if there would have been a chargeable gain for the same event

If the house sold was the OP's principal private residence, they would be able to claim this relief and no CGT would be payable and no loss on this event can be carried forward

If it was an investment house fully exposed to CGT if there was a gain, then the actual loss incurred can be carried forward

DmanDmythDledge

https://www.boards.ie/discussion/comment/122609230#Comment_122609230

That's what I said.

SureYWouldntYa

https://www.boards.ie/discussion/comment/122609830#Comment_122609830

Apologies, i meant to extrapolate on your point but then forgot you had already noted the PPR

godtabh

So that 50k could offset future capital gains liability?

Geuze

https://www.boards.ie/discussion/comment/122610029#Comment_122610029

Yes.

Lots of people made losses on sellling bank shares (including me!!) and can carry these capital losses forward to be offset against future capital gains.

Geuze

https://www.boards.ie/discussion/2058368709/capital-gains

The mortgage is irrelevant to the capital gain or loss calculation.

Buy a house (non-PPR) for 300k, sell for 250k, capital loss of 50k.