Capital Gains Tax on loss ?

meselfnow · 27-10-2021 02:32PM #1

My first post here so high to all.

We purchased a house some 14 years ago for 185,000 euro (height of the boom) and are now looking to sell for 85,000/100,000, so in that respect make a loss.

We have rented the house out for the past 5 or 6 years, all of which has been declared.

I have looked on the gov web tax sites and I am a tad unclear as to our liabilities with regard to capital gains tax.

My uncertainty is that although we will make a loss in that respect, as it is not our main residence I am unclear as to our liabilities percentage wise with regard to CGT.

Thanks for any advice

nompere · 30-10-2021 02:09PM

If you've made a loss there won't be any CGT.

if you've lived in the house for 8 out of 14 years, then 6/14ths of the loss will be an allowable loss that you can carry forward, indefinitely, to set against a future Capital Gain on something else. The other part of the loss is attributable to it being your private residence, and isn't going to be allowable against anything.

(I've done these fractions in years, for simplicity - the final calculation should be done by months, or even days.)

meselfnow · 30-10-2021 02:31PM

Hi nompere

Many thanks for your reply, I appreciate it and your information.

Cheers

Large bottle small glass · 14-11-2023 11:39AM

Hi

just a quick query. I returned a capital loss on a property sale in 2019; then put this against a capital gain last year.

There is 20k or so of loss not used. Can my wife use this against a capital gain or is this not transferable?

Thanks

Marcusm · 15-11-2023 10:48AM

https://www.boards.ie/discussion/comment/121366106#Comment_121366106

Traditionally, the loss would be achieved by the wife transferring the beneficial interest in the asset to the husband who would in turn dispose of the asset, accrue the chargeable gain and offset the loss.

16-11-2023 01:39PM

https://www.boards.ie/discussion/comment/121366106#Comment_121366106

s1028(3); s1031M(4) TCA 1997

In the case of a married couple or civil partners (living together in a year of assessment), surplus losses of one spouse or civil partner may be set against gains of the other spouse or civil partner.

Capital Gains Tax on loss ?

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