Capital Gains Tax on property but no gain???

T

toby2111

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Sale went through yesterday on a house that myself and 2 of my friends bought in 2006. Registered with RTB,was declaring rental income etc. Just wondering about CGT? We have not made a gain on the sale so how do I notify revenue? And how do I submit it on my return next year?
 
You file a return whether there's a gain, loss, or neither.

Capital Gains Tax (CGT) on the sale, gift or exchange of an asset

This page explains what Capital Gains Tax (CGT) is and the CGT rate that applies
www.revenue.ie

Capital Gains Tax

Capital Gains Tax is charged on the capital gain or profit made on the disposal of an asset. Some assets are exempt from Capital Gains Tax. Find out if you are liable for Capital Gains Tax and how to pay it..
www.citizensinformation.ie
 
Ok. It says I have to pay by December 15th....I presume that deadline doesn't apply to me and I just make a return by October of next year?
 
toby2111 said:
Ok. It says I have to pay by December 15th....I presume that deadline doesn't apply to me and I just make a return by October of next year?
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If there's no gain/no tax due then obviously there's nothing to pay and you just need to file the return by October 31st next year.
 
Great thanks. One last question -as it's a capital loss,can I write that off against my rental profit that I'll be declaring next year?
 
toby2111 said:
Great thanks. One last question -as it's a capital loss,can I write that off against my rental profit that I'll be declaring next year?
Click to expand...
No. Capital losses can only be written off against subsequent capital gains. Not against income or any other tax. You should get professional tax advice given that you're asking such basic questions for somebody in your position.
 
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