Offsetting loss against profit gain

[Logo]

Hypothetically if a property is sold at a loss, for tax purposes, can this loss be offset by gains made by another asset e.g. another property gain or stock gains? I've googled it and think the loss has to be incurred before a gain is made ('in a year'?). I would appreciate any information. Thanks

 

[Gordon Gekko]

Yes, once the loss is made either before or in the same year you can use the loss.

 

[Logo]

Thanks. But just to confirm, if the loss is incurred in 2023 a gain in 2024 can be offset?

 

[jpd]

Any unused losses can be carried forward indefinitely

 

[Logo]

Thanks all for the helpful info