If I purchased a property at the beggining of the year and sell it now, what are the implications tax wise. Assume there are no CG. I will lose out on stamp duty, selling costs etc. Can I offset the loss against my income on next years tax return?
work sux!
You can off set the loss against any future capital gains. The loss carries over. Why dont you consider selling it on a wrap or lease option instead. You could then sell it for what it owes you and have cashflow till the tennantpurchaser refinances. Beats a loss.
Dave siacci
Na I don’t want to muck around. Basically the bank won’t let me do what I wanted to do so I just want to get rid of it and move on. I just need to find out all the ins and outs of what I’m going to lose, what I can claim etc etc.
work sux!
You better check with your accountant – as you only had the property for less than 12 months you may be able to offset the loss against other income as you may not be able to carry forward the loss against future capital gains.
I am not expert – so go check.
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