CGT allowable losses

L

LL????

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I purchased an investment property in 2008 for €153k and subsequently sold it in 2020 for €105k.

The acquisition costs were €6k and the sales costs came to €5k.

I have recently sold another property which I made a gain on and want to clarify what loss value I can use to offset against this gain in order to determine my CGT liability which needs to be paid before Dec 15th. Is the allowable loss €48k (€105k - €153k) or €59k (€48k + €6k + €5k) if the acquisition and sales costs can also be factored in.
 
It doesn't take long to get the information directly from the Revenue web site https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/how-to-calculate-cgt.aspx

In particular
What are ‘allowable expenses’?
These are costs that you can deduct from the sale price to work out your chargeable gain. They can be:

any money spent by you which adds value to the asset (known as ‘enhancement expenditure’)
costs (for example, fees paid by you to a solicitor or auctioneer) when you acquired and disposed of the asset.
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jpd said:
It doesn't take long to get the information directly from the Revenue web site https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/how-to-calculate-cgt.aspx

In particular
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Thanks for this, but it doesn't really answer my query.

The following is an extract from an Irish Times response to a similar query "As you cannot use allowances to increase a loss, her selling expenses and time for which it was her main home are not relevant" which would suggest in my initial query that the allowable loss is capped at €48k, which is what I'm seeking confirmation of.
 
LL???? said:
"As you cannot use allowances to increase a loss, her selling expenses and time for which it was her main home are not relevant"
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Not correct in this context, whatever about the original.

Seriously consider getting professional assistance where material sums are at issue and you're unsure what you're doing. Out-of-context information may mislead and cause either a tax underpayment or overpayment.
 
I think the Irish Times article is talking about something different. You cannot use capital allowances to generate or increase a loss for income tax purposes. But this has no relevance to the calculation of chargeable gains for CGT purposes.
 
We jointly hold paper shares in Company A bought say 10 years ago. I also have digital shares shares in my own name in Company A bought 2 years ago using an online broker. I have a CGT loss that can eliminate tax on the shares bought 10 years ago. If I sell the 2 year old shares the broker has, is the “first in first out” rule applicable ?
 
TomEdison said:
I think the Irish Times article is talking about something different. You cannot use capital allowances to generate or increase a loss for income tax purposes. But this has no relevance to the calculation of chargeable gains for CGT purposes.
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If you make a loss for cgt purposes that loss is restricted by the amount of capital allowances previously claimed on the asset being sold
 
Park00 said:
We jointly hold paper shares in Company A bought say 10 years ago. I also have digital shares shares in my own name in Company A bought 2 years ago using an online broker. I have a CGT loss that can eliminate tax on the shares bought 10 years ago. If I sell the 2 year old shares the broker has, is the “first in first out” rule applicable ?
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You should have created a new topic. Your question has nothing to do with the original topic in this thread
 
well, my question is if an existing CGT loss is allowable in my situation?
 
Last edited:
CGT losses are allowed against any CGT gain - why do you think your loss is not allowed?
 
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