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CGT CG1 Losses Question

  • 18-04-2021 1:56pm
    #1
    CIP4
    Registered Users, Registered Users 2 Posts: 4,657 ✭✭✭


    I am completing CG1 form for sale of shares last year. I made below €1270 so won't have to pay tax. My question is say for example I made €600 on shares in 2020 and lost €100. Rather than having €500 gain can I put the €100 loss into 'unused losses for carry forward to 2021' so I can use it next year ? Then I would just be declaring the net gain as €600 and still paying no tax. I would hope to make more than €1270 this year hence why I would bother trying to carry forward the 2020 loss. Or is this allowed ?


Comments

  • #2
    LawBoy2018
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭LawBoy2018


    CIP4 wrote: »
    I am completing CG1 form for sale of shares last year. I made below €1270 so won't have to pay tax. My question is say for example I made €600 on shares in 2020 and lost €100. Rather than having €500 gain can I put the €100 loss into 'unused losses for carry forward to 2021' so I can use it next year ? Then I would just be declaring the net gain as €600 and still paying no tax. I would hope to make more than €1270 this year hence why I would bother trying to carry forward the 2020 loss. Or is this allowed ?

    Is it not past the deadline?


  • #3
    CIP4
    Registered Users, Registered Users 2 Posts: 4,657 ✭✭✭CIP4


    LawBoy2018 wrote: »
    Is it not past the deadline?

    It would be for paying capital gains tax. But the deadline for filing capital gains tax return is 31st October 2021 for 2020 year.


  • #4
    LawBoy2018
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭LawBoy2018


    CIP4 wrote: »
    It would be for paying capital gains tax. But the deadline for filing capital gains tax return is 31st October 2021 for 2020 year.

    You should have included your CGT details in your Form 11, no?


  • #5
    CIP4
    Registered Users, Registered Users 2 Posts: 4,657 ✭✭✭CIP4


    LawBoy2018 wrote: »
    You should have included your CGT details in your Form 11, no?

    Form 11 is for self employed people which I am not. Online form 12 doesn't include capital gains tax. So I need to use CG1 form and can then just submit that online.


  • #6
    LawBoy2018
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭LawBoy2018


    CIP4 wrote: »
    Form 11 is for self employed people which I am not. Online form 12 doesn't include capital gains tax. So I need to use CG1 form and can then just submit that online.

    Ok cool, well you're certainly entitled to carry forward your loss anyways.

    Include it at #18, unused loss for carry forward to 2021.


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  • #7
    DmanDmythDledge
    Registered Users, Registered Users 2 Posts: 885 ✭✭✭DmanDmythDledge


    That’s not correct, losses are utilised before 1270 exemption


  • #8
    CIP4
    Registered Users, Registered Users 2 Posts: 4,657 ✭✭✭CIP4


    DmanDmythDledge wrote: »
    That’s not correct, losses are utilised before 1270 exemption

    Ok so in other words in the above example I can’t carry forward the loss as I have to use it against my gain. I had a feeling it was that way alright.


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