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Can I claim loss from sale of a rental property against rental gain
stedrink
Posts: 3 Newbie
Hi
Trying to find an answer to a simple question and searching the internet doesn't seem to help.
I've sold a rental property I had for a few years now and in the last year I had a taxable gain of about £1500 on the rents (was empty for 5 months). When I sold it it made a loss of £3300, can I offset this capital gains loss against the rental income. It's the one and only rental property I had, got lumbered with it when my son split with his partner a few years previously.
Cheers for any advice, the tax returns get more complicated every year I think to bamboozle people. Glad I'm not doing another one !
Trying to find an answer to a simple question and searching the internet doesn't seem to help.
I've sold a rental property I had for a few years now and in the last year I had a taxable gain of about £1500 on the rents (was empty for 5 months). When I sold it it made a loss of £3300, can I offset this capital gains loss against the rental income. It's the one and only rental property I had, got lumbered with it when my son split with his partner a few years previously.
Cheers for any advice, the tax returns get more complicated every year I think to bamboozle people. Glad I'm not doing another one !
0
Comments
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No. You can carry forward the loss to claim against any possible future capital gains.
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You need to understand the difference between operating income and capital.
Your operating profits are taxed under income tax.
Your capital loss can be offset for CGT against any other capital gains.0 -
No, make sure you calculate the Capital Loss correctly to make the most of all the deductions you are allowed, then show it on the CGT pages of your tax return and carry the loss forward against future Capital Gains.
Your rental income profit is taxable in the year you make it. You will show it on your tax return on the Property Income pages0
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