carry forward loss on property sale - how long ?

[oldnick]

One can carry forward a declared loss on a property sale, along with most other investments, to offset against future gains on other property.

-How long can one carry forward ?


-Is foreign property included in the offset ?
I think ,but can't find , that Revenue also allows an offset on overseas properties for those idiots that didn't heed Brendan Burgess's warnings ten years ago!
(Anyone want a villa in Florida?).

 

[mandelbrot]

Capital losses carry forward indefinitely. As long as you were / are resident, ordinarily resident and domiciled, there is no distinction between foreign property or property in the state, for CGT purposes.

Things only get complicated in the case of people who are non-resident / non-ordinarily resident, or non-domiciled. Even at that, I presume it's your status at the time you incurred the capital loss that is relevant, so if you were res., ord-res., & domiciled at the time of making the loss then you will carry the loss forward indefinitely against future capital gains.

 

[oldnick]

Thanks Mandelbrot !