Capital Loss in 2014 not included in 2014 annual return

LeoD

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Currently finalising 2015 annual return. I sold a property in 2015 for a small capital gain. In 2014 I sold a separate property at a capital loss but never filed this in my 2014 return. Should I amend the 2014 return to include the capital loss or is there some other action I can take to offset the CG on the 2015 property sale?
 
Thanks Toledo. Got same advice last night so reassuring to hear the same advice coming from different quarters.
 
Revenue do not like it when you try to offset a capital loss against a capital gain where the Loss was never returned within the return year. ( might audit etc ) Revenue do not have a problem, say when you file a 2013 capital loss in 2015 provided there is no capital gain in the interim period in which to set off against the capital loss. My advice to LeoD is simple, keep it simple and avoid revenue examining your returns in detail. Amending the 2014 return is not exactly an arduous task! ( head below parapet )

Ah come on. If the capital loss was made in 1989, should the OP file a revised 1989 return to include it now? :rolleyes:

And amending returns post-facto does count as a risk factor on REAP.
 
I'm telling the poster the correct way to file this particular turn, that is all, I am not here for an argument.

I'm not here for an argument. I'm just telling you your advice to the OP is misguided. If you don't want others to critique your advice, use PM or don't post.
 
My advice is not misguided in any way, phone revenue and ask them what is the correct procedure to follow in this instance; the answer they will give you will be my answer to LeoD question, not yours ( believe me on this ). Maybe LeoD should phone revenue and post what their reply is to his query onto this forum and see who is proffering misguided advice.

Revenue will tell him not to bother wasting his and their time.
 
I'm not wrong. And I'm happy to put my name and reputation to what I post. You?

I think that on balance Toledo's advice here is correct Tommy, but only because it's a property disposal. Revenue should be aware of the disposal, and at present the 2014 return is incomplete and may result in a query based on the failure to disclose the disposal.

If it was losses on shares etc I'd be inclined to agree with you, or be indifferent between the 2 alternatives...
 
I think that on balance Toledo's advice here is correct Tommy, but only because it's a property disposal. Revenue should be aware of the disposal, and at present the 2014 return is incomplete and may result in a query based on the failure to disclose the disposal.

If it was losses on shares etc I'd be inclined to agree with you, or be indifferent between the 2 alternatives...
That's a reasonable view, but the OP asked a rather different question and I addressed it by confirming that their entitlement to claim an appropriate deduction against the 2015 gain for the as-yet-undeclared loss in 2014 is unaffected by that non-declaration. In other words, the OP doesn't have to wait until their 2014 return is amended before they can claim the loss in 2015.

My point in relation to a hypothetical 1989 loss and the impossibility of filing an amended 1989 return at this stage refers.
 
I am just stating the correct procedure to be followed regarding notifying revenue of a capital loss from revenues perspective, T McGibney is also right in his last post as in 6 of one and a half dozen of the other. It does not add up to a huge hill of beans either way, but one way is more correct than the other so as to speak.
 
Whoa - only checking in now as I thought there was only one new reply! Thanks Tommy for your advice. Submitted the 2015 return last night after getting same advice as Toledo offered so amending 2014 is only option now which hopefully won't be a big deal.
 
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