CGT loss used against Case V Income

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Learner2015

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All,

I have a CGT loss from a investment property I have sold in 2016.

Can I use that against rental income earned in 2015 on the same property or rental income on a property my wife has for 2016 income (when I am returning this next year) we are jointly assessed?

If not what can I do with this loss?
 
No you can't set a Capital loss against rental income!

A Capital loss can be set against a Capital Gain.
 
OP, CGT is a different tax based on disposals of chargeable assets.

Rental Income is what Revenue call Case D Schedule V income and subject to income tax, USC and PRSI.

Technically for individuals a capital loss say on property has to be used on a capital gain on the same type of asset. An individual cannot use a capital loss on property against a capital gain of shares. You can carry the loss forward indefinitely.
 
Nordkapp said:
Technically for individuals a capital loss say on property has to be used on a capital gain on the same type of asset. An individual cannot use a capital loss on property against a capital gain of shares. You can carry the loss forward indefinitely.
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Say what now?
 
Thanks all, the wife has shares that will have a gain - so if we sell them now can we use the loss from the sale of my property (March 2016) to offset against her share sale gain or we need to wait until next year to sell the shares to use the loss?

Oh one last thing how to I record this loss, do I wait until next year when I am filing our form 11 or is there some other form I need to fill in now?
 
Apologies, I was aware it was available for companies, I was not aware (nor have I seen a comp!) it was available for individuals. Learn something new everyday. This is actually very useful for as well! You guys know a lot more than I.
 
Learner2015 said:
Thanks all, the wife has shares that will have a gain - so if we sell them now can we use the loss from the sale of my property (March 2016) to offset against her share sale gain or we need to wait until next year to sell the shares to use the loss?

Oh one last thing how to I record this loss, do I wait until next year when I am filing our form 11 or is there some other form I need to fill in now?
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I assume there is no debt write off in your case?
 
Joe, yes no debt right off. I have excess funds after clearing the mortgage but sold the property for a lot less than what I paid for it.
 
Learner2015 said:
Thanks all, the wife has shares that will have a gain - so if we sell them now can we use the loss from the sale of my property (March 2016) to offset against her share sale gain or we need to wait until next year to sell the shares to use the loss?

Oh one last thing how to I record this loss, do I wait until next year when I am filing our form 11 or is there some other form I need to fill in now?
Click to expand...

So on the basis that I had no debt write off, had excess funds after paying off the mortgage but had CGT loss do you think I can use this loss against my wife's share gain and when could we do this i.e. when can we sell her shares to use this loss and can I carry the excess loss forward to use against future gains she or I might have?

I was having a look around the Revenue site and it appears I note the loss on our 2016 Form 11 which needs to be submitted by 31 October 2017 - am I reading this right?

Appreciate the help here folks!
 
I'm assuming that the investment property was never your Principal Private Residence.

Basically, to offset one against the other you can sell both this year, or sell the property this year and the shares some time after. You just can't sell the shares this year and the property in a subsequent year as losses can be carried forward but not back.

Losses are automatically transferable between spouses unless a formal election is made for them not to be.

The deadline for payment of CGT on gains made Jan-Nov is 15 December. For December it's 31 January. The ITI raised this as an issue again recently and were kicked to touch. Gains and losses for 2016 are reflected in the 2016 return (due October/November 2017).
 
Great thanks Gordon all makes sense now, was ppr for some of the time but I got the answer on how to aportion it on here a while ago so sorted there.

Thanks to everyone else too.
 
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