How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4199
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I sold a few properties a few years ago at a loss. One

Customer Question


I sold a few properties a few years ago at a loss.
One was sold in July 2009, another in January 2010, and two others in 2011.
Can and how do I claim losses?
Thank you
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
, I'm Keith and happy to help you with your question.
You can claim the loss against any other capital gains made in the year of sale, but be careful not to waste your Annual Exempt Amount by offsetting too much of the brought forward loss.
Otherwise these losses can be carried forward indefinitely to absorb any capital gains in the indeterminate future.
You should have declared these losses in your annual self assessment tax return.
So sorry to have to rain on your parade.
Customer: replied 2 years ago.

Thank you. My losses are in the hundreds of thousand unfortunately, or fortunately depending how you look at it. I was made bankrupt in 2012 so never filled out a tax return. How many years can I go back to claim?

Expert:  bigduckontax replied 2 years ago.
You will probably be OK, in tax terms it is very recent. Write a letter to your tax office explaining the situation. They may well ask you to self assess /10 et seq. Lay it on thick the problems you have had over the past few years.
Please be so kind as to rate me before you leave the Just Answer site.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you support.