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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, Accountant
Category: Tax
Satisfied Customers: 3379
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 2 years ago.
Thank you support.

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