Can I record and carry forward capital gain tax loss on my home sale?

user1977

sy8111 said:

user1977 said:

sy8111 said:

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 rules

@Bookworm225 thanks for reply. Do you mean I shouldn't even file a CGT return for home sale?

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.

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?

Might have helped if you had told us that to begin with! You'll need to do the sums then.

Bookworm225

sy8111 said:

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 rules

@Bookworm225 thanks for reply. Do you mean I shouldn't even file a CGT return for home sale?

correct, you do not file a tax return when selling a main residence that has 100% private residence relief applied to it 

Self Assessment tax returns: Who must send a tax return - GOV.UK

ReadySteadyPop

Flugelhorn said:

ReadySteadyPop said:

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?

How did you make a 50k loss selling a property?

probably quite possible after house prices peaked a few years back - people were going to "best and final" and some overdid it 

Fair point.

Veteransaver

ReadySteadyPop said:

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?

How did you make a 50k loss selling a property?

Quite easy if you bought in last few years and overpaid. Or it was a new build. Or especially if it was a new build flat.
House prices are significantly down in my area in nominal terms since 2022, maybe 10-20%.

sheramber

Have you allowed  PPR for the years you stayed in  it?