P pimkgin Registered User Messages 17 1 Jul 2014 #1 I am selling a buy to let property in Bulgaria at a 50% loss . I also have a BTL property in Dublin which is in profit , if I Sell the house in Dublin can I claim the Bulgaria loss against the C. G. T due on the Dublin house profit.
I am selling a buy to let property in Bulgaria at a 50% loss . I also have a BTL property in Dublin which is in profit , if I Sell the house in Dublin can I claim the Bulgaria loss against the C. G. T due on the Dublin house profit.
Brendan Burgess Founder Messages 54,896 1 Jul 2014 #2 I know nothing about the Bulgarian CGT regime, but as you are selling at a loss, presumably you have no liability over there. If you make a loss on disposal of an asset, you can carry the loss forward indefinitely against capital profits made on the sale of other assets. You can't carry losses backwards. So you sell the Bulgarian property in the same year you sell the Irish property, or before it, but not after it.
I know nothing about the Bulgarian CGT regime, but as you are selling at a loss, presumably you have no liability over there. If you make a loss on disposal of an asset, you can carry the loss forward indefinitely against capital profits made on the sale of other assets. You can't carry losses backwards. So you sell the Bulgarian property in the same year you sell the Irish property, or before it, but not after it.