Capital Loss query

[newbie1234]

Hi, we are in the midst of doing a tax return.
We have recently disposed of a property (our only investment property) which was purchased for 180k and sold for 150k.
Therefore a loss of €30,000
The professional fees around sale amounted to
Solicitors 1600
Estate Agent 3200

Can I ask how do I treat the loss of 30k - can it be offset against tax etc or how do I treat it?
How do I treat he professional fees.?

If I can't write off the €30k loss, I expect to sell company shares in which I'm a Director in my lifetime. Can the loss be offset against any profits here?
Thank you

 

[ClubMan]

Can I ask how do I treat the loss of 30k - can it be offset against tax etc or how do I treat it?

It can be offset against capital gains.
Now or in the future.

If you make a loss

This page is an explanation of how losses affect CGT

www.revenue.ie

How do I treat he professional fees.?

I don't think that they can be used to increase the capital loss if that's what you mean?
Actually, they can - see other posts below.

If I can't write off the €30k loss, I expect to sell company shares in which I'm a Director in my lifetime. Can the loss be offset against any profits here?

If the "profits" are a capital gain then yes, otherwise no.

 

[RedOnion]

How do I treat he professional fees.?

They increase the allowable loss. Make sure to include solicitors fees on original purchase, along with any stamp duty you paid.

However, if you ever occupied the house as your home the allowable loss needs to be adjusted for this. (You mentioned in another post that you were an accidental landlord).

 

[newbie1234]

Thanks Clubman.
Understood re Capital Loss query.
With respect of the fees can I write same off against rental income on the property on question would you know.
Appreciated

 

[newbie1234]

They increase the allowable loss. Make sure to include solicitors fees on original purchase, along with any stamp duty you paid.

However, if you ever occupied the house as your home the allowable loss needs to be adjusted for this. (You mentioned in another post that you were an accidental landlord).

Thats great, thanks for the info.
@ClubMan this reply crossed over my additional query I sent you.
Thank you both

 

[jpd]

Fees on the purchase and sale of a property can only be used to reduce the capital gain or increase the capital loss

They can not be set against rental income

 

[ClubMan]

They increase the allowable loss.

I stand corrected and will update my earlier post to avoid confusion. I think I was confusing it with indexation not being allowed to increase/enhance a loss?