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  • Property-a-holics

    Reclaiming losses on a sale property

    How do I reclaim losses made on the sale of a property. I have a tenant that wishes to buy one of my properties but due to having to extend the lease I will be making approx £10k loss

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    This is a capital loss as opposed to an income loss.

    So, calculate the full loss (legal fees/stamp duty/agents fees etc).Put it in your tax return under capital gains as a minus figure.  This will roll over until you make a capital gain and can offset it.

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    Paul

    This is the problem, I have several in a limited company that require lease extensions and with property prices still not recovered from 2008. I dont see me making any profits on any of them

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    First cut is the cheapest, if held since 2008 and still losing money just think what your position will be in 6/12 months time when property tanks even further.

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