Hi all,
Wonder if someone might know about off setting a capital gain with a capital loss??
The scenario: Bought Land only QLD 2006, no improvements
Early 2009, had losses in the stockmarket around 50k
Looking at selling the land now, who I still own with my ex-wife and has equity of approx 100k
I have been advised ( not a professional ) that the losses incurred from the markets in 2009 can offset any CGT payable on the land, even years later. While my accountant is unavailable for the next 3 weeks, I wonder if anyone would be able to advise me if this is in anyway accurate?
Thanks in advance
Yes that is correct. Prior year capital losses could offset capital gains – with the same person. You should seek advice though to make sure your losses are captial and have been carried forward.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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