how to claim for losses in stock market

[gerryirl]

I purchased shares in BULA a few yrs ago, the company is now in liquidation - Can I write off the losses made here? if so how?

I also pruchased some shares in a dot com company in 2000 and they are now worthless. Can I write these off also. If so how?

Is there a timeframe i need to do this within?

 

[efm]

Capital losses (eg losses made from trading shares) can only be offset against Capital Gains (eg gains made from selling shares or any other asset) they cannot be offset against other tax liability.

WRT timeframe - I think it is four years but I am not certain

 

[CCOVICH]

You can only write off losses against gains, otherwise there is no relief available, i.e. you have to make a profit on disposal of another asset before you can claim loss relief for CGT purposes.

More info on www.revenue.ie

Post crossed with efm's.

 

[bazermc]

Capital losses (eg losses made from trading shares) can only be offset against Capital Gains (eg gains made from selling shares or any other asset) they cannot be offset against other tax liability.

WRT timeframe - I think it is four years but I am not certain

capital losses can only be offset against capital gains before using your annual exemption i.e. the come first

there is no 4 year rule

 

[bazermc]

I purchased shares in BULA a few yrs ago, the company is now in liquidation - Can I write off the losses made here? if so how?

I also pruchased some shares in a dot com company in 2000 and they are now worthless. Can I write these off also. If so how?

Is there a timeframe i need to do this within?

in relation to the dot com shares that are no worthless although may not have received any consideration for them and you still hold them you can make whats is called a Negligible Value Claim to the inspector of taxes

this provision allows the owner of an asset which has become negligible in value to make a claim to the revenue to have the “paper” loss allowed for tax purposes. If the Inspector accepts the submission that the asset has diminished in value, the asset is deemed to have been sold and immediately reacquired at its market value on the date on which its value became negligible.