CGT loss in a Joint tax assessment.

[TeslaTim]

If a married couple are jointly assessed and the Wife is carrying a CGT loss of say 30k and the husband carrys no CGT loss what happens as regards CGT owed in the following scenario.

A jointly owned btl property is sold for a profit of 90k so how much CGT if any is owed on this transaction..

 

[T McGibney]

The wife can offset her loss against her share of the gain. Whether they're jointly or separately assessed is irrelevant.

 

[Mapara]

Is it not possible for wife to offset the joint profit against her loss.?

 

[Farma1]

Is it not possible for wife to offset the joint profit against her loss.?

No. CGT allowances and gains losses are individual.

 

[ClubMan]

Didn't @T McGibney already answer the original question correctly? Subsequent posts seem to be muddying the waters?

 

[Gordon Gekko]

No. CGT allowances and gains losses are individual.

The question has been answered already by an expert!

The €1,270 allowance is individual and can’t be transferred between spouses.

But losses carried forward or current year losses for one spouse can be offset against gains made by his/her spouse.

Unless a formal election is made to Revenue not to share the losses.