Query re capital gain in one tax year and capital loss offset in next tax year.

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Tyt

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Hi, I own a house in Ireland and an apartment abroad. I am selling both properties at the moment. It looks like my apartment abroad will be sold in this tax year and i will have a capital gain on this sale. It most likely that the house in Ireland will be sold only next year and certainly at a loss.

If I pay CGT in this tax year and then have capital loss next year will I get my money back from the revenue?

Thank you.

Tyt
 
Think CGT losses can only be carried back in the year of death - open to correction -

Is your house in irelannd your home - look up principal private residence capital gains tax
 
As Windup says CGT losses can only be used in the current year or carried forward.

If the Irish house was your PPR throughout the entire period of ownership then you won't actually have a usable CGT loss.

If however it wasn't your PPR you would be much better off deferring the sale of the foreign apartment if possible until 1/1/2013, so that the gain can be mitigated by the loss on the Irish house.
 
Thanks for your replies. The house in Ireland is not ppr, will certainly defer the sale of the apartment till the next year! Thanks again.

Tyt
 
You will also lose the tax credit for the foreign tax if you have no Irish tax. So you should consider how much your actual Irish liability is, after the credit for foreign tax.
 
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