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Can I record and carry forward capital gain tax loss on my home sale?
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sy8111
Posts: 31 Forumite
Hi, all.
I sold my own home last year and bought a new home. I know that if my home sale produces gain, I can claim private residence relief so no CGT liability. However my sale produces loss about 50K. I have filed CGT return.
Can I carry this loss forward to future years to offset possible CGT gain?
I sold my own home last year and bought a new home. I know that if my home sale produces gain, I can claim private residence relief so no CGT liability. However my sale produces loss about 50K. I have filed CGT return.
Can I carry this loss forward to future years to offset possible CGT gain?
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Comments
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I think you can claim your CGT loss up to 4 years after you sold the property
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Your home isn’t subject to CGT so you can’t claim a loss; because it isn’t subject to CGT so it doesn’t apply.Blimey!0
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No, its your main residence, so there's no capital gain or capital loss.sy8111 said:Hi, all.
I sold my own home last year and bought a new home. I know that if my home sale produces gain, I can claim private residence relief so no CGT liability. However my sale produces loss about 50K. I have filed CGT return.
Can I carry this loss forward to future years to offset possible CGT gain?
(Unless you fit into one of the very narrow exceptions eg if you lived there under a settlement or as a dependent).0 -
How did you make a 50k loss selling a property?sy8111 said:Hi, all.
I sold my own home last year and bought a new home. I know that if my home sale produces gain, I can claim private residence relief so no CGT liability. However my sale produces loss about 50K. I have filed CGT return.
Can I carry this loss forward to future years to offset possible CGT gain?0 -
no you cannot claim a loss on the sale of a main residence that has had 100% CGT tax relief applied to it , ie it has zero gain and zero loss
if you have genuinely declared a loss on a tax return then you need to urgently correct your return before you fall foul of tax evasion rules1 -
probably quite possible after house prices peaked a few years back - people were going to "best and final" and some overdid itReadySteadyPop said:
How did you make a 50k loss selling a property?sy8111 said:Hi, all.
I sold my own home last year and bought a new home. I know that if my home sale produces gain, I can claim private residence relief so no CGT liability. However my sale produces loss about 50K. I have filed CGT return.
Can I carry this loss forward to future years to offset possible CGT gain?0 -
@Bookworm225 thanks for reply. Do you mean I shouldn't even file a CGT return for home sale?Bookworm225 said:no you cannot claim a loss on the sale of a main residence that has had 100% CGT tax relief applied to it , ie it has zero gain and zero loss
if you have genuinely declared a loss on a tax return then you need to urgently correct your return before you fall foul of tax evasion rules0 -
If the property has only ever been your private residence then it is irrelevant for CGT. So no, you'd only file a CGT return if you had other capital gains events going on.sy8111 said:
@Bookworm225 thanks for reply. Do you mean I shouldn't even file a CGT return for home sale?BookwIorm225 said:no you cannot claim a loss on the sale of a main residence that has had 100% CGT tax relief applied to it , ie it has zero gain and zero loss
if you have genuinely declared a loss on a tax return then you need to urgently correct your return before you fall foul of tax evasion rules0 -
OK, the property was let out in first couple of years, I lived in it in the 2 years prior to sale. Is it same treatment?user1977 said:
If the property has only ever been your private residence then it is irrelevant for CGT. So no, you'd only file a CGT return if you had other capital gains events going on.sy8111 said:
@Bookworm225 thanks for reply. Do you mean I shouldn't even file a CGT return for home sale?BookwIorm225 said:no you cannot claim a loss on the sale of a main residence that has had 100% CGT tax relief applied to it , ie it has zero gain and zero loss
if you have genuinely declared a loss on a tax return then you need to urgently correct your return before you fall foul of tax evasion rules0
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