All Topics / Help Needed! / Quick CGT question…

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  • Profile photo of quiksilvquiksilv
    Member
    @quiksilv
    Join Date: 2005
    Post Count: 10

    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.

    Profile photo of ToolsTools
    Participant
    @tools
    Join Date: 2003
    Post Count: 363

    I’m no accountant,but if you haven’t soldit,you haven’t made a loss !

    Tools

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    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
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of quiksilvquiksilv
    Member
    @quiksilv
    Join Date: 2005
    Post Count: 10

    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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