Hi all
I am selling an apartment that we lived in from 2007 to 2013, since then it has been rented out. It will ultimately sell at a loss of ~80k. I am wondering what’s the best way to deal with this from an offsetting perspective. Any help appreciated.
I am selling an apartment that we lived in from 2007 to 2013, since then it has been rented out. It will ultimately sell at a loss of ~80k. I am wondering what’s the best way to deal with this from an offsetting perspective. Any help appreciated.
- If we sell a property in 2021 at an 80k€ loss versus its purchase price in 2007 can we offset the loss against PAYE income tax as well as tax on rental income for that year?
- If sold in 2021 can we offset against rental income tax for the year 2020 with tax return being completed in October 2021? Presume not.
- If not, I complete a standard tax return in 2021, however can I avoid paying provisional tax for 2021 and note that this is because the property will be sold at a loss so no tax will be due? ie avoid having to claim a refund the following year.