I am about to sell a UK property for a €40K capital Loss.
I have been paying rental income tax every year in Ireland in respect of this property.
Can I use this CGT loss against other Irish CGT gains ?
Separately in Ireland, I have €75K in rental losses accumulated from earlier years.
I do not have any Irish Rental income now.
Are these losses significant in making an investment decision in Ireland. I can see a commercial property opportunity that will bring in 16,000 in rental profits per annum. Capital cost is 300K. No interest. Tax at 40% = 6400. I would have shelter for 11.7 years.
I prefer shares but would like to use up these accumulated losses.
Is my thinking in the right direction ?
Thanks for guidance. As you can see from above I have made some mistakes. But I want to keep trying.
I have been paying rental income tax every year in Ireland in respect of this property.
Can I use this CGT loss against other Irish CGT gains ?
Separately in Ireland, I have €75K in rental losses accumulated from earlier years.
I do not have any Irish Rental income now.
Are these losses significant in making an investment decision in Ireland. I can see a commercial property opportunity that will bring in 16,000 in rental profits per annum. Capital cost is 300K. No interest. Tax at 40% = 6400. I would have shelter for 11.7 years.
I prefer shares but would like to use up these accumulated losses.
Is my thinking in the right direction ?
Thanks for guidance. As you can see from above I have made some mistakes. But I want to keep trying.