Can you use a property you havent sold yet as a capital loss ?
What are some ways to minimise CGT besides holding for 12 months ?
Cheers.
I’m no accountant,but if you haven’t soldit,you haven’t made a loss !
Tools
I am pretty sure you need to realise the loss but there may be a way around it by transferring title within family or trusts. You may occur SD as well.
Please speak to your accountant.
Simon Macks
Residential and Commercial Finance Broker
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0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I can see how I would need to sell it to realise the loss but I have still made a loss in purchasing the property and I do not make a gain until I sell ? I am definately no accountant obviously hehe.
The reason I ask is can I offset the gain made when i sell a property against a loss made on a property purchased in the same year (but not yet sold).
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