gnf_ireland
Registered User
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Hi all
I think I am having a bit of a 'blonde' moment so want to confirm something first.
A friend of mine asked me the other day about whether a loss on an investment residential property would be considered a loss for CGT purposes, and therefore could be used to carry forward against current & future CGT gains.
My initial reaction was yes, of course! But then I started to question myself? I still believe the answer to be yes, but wanted to check.
To complicate matters, the person lived there as their PPR for 2 years out of 10 years, and was rented the other 8 years. They repaid the stamp duty on it after moving out (no longer first time buyer exempt) and have declared all the tax income on the rent over the years. I am assuming that 80% of the loss is offsetable against current & future CGT gains
Can someone confirm I am not losing my mind
Thanks
I think I am having a bit of a 'blonde' moment so want to confirm something first.
A friend of mine asked me the other day about whether a loss on an investment residential property would be considered a loss for CGT purposes, and therefore could be used to carry forward against current & future CGT gains.
My initial reaction was yes, of course! But then I started to question myself? I still believe the answer to be yes, but wanted to check.
To complicate matters, the person lived there as their PPR for 2 years out of 10 years, and was rented the other 8 years. They repaid the stamp duty on it after moving out (no longer first time buyer exempt) and have declared all the tax income on the rent over the years. I am assuming that 80% of the loss is offsetable against current & future CGT gains
Can someone confirm I am not losing my mind
Thanks