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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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I've inherited a flat and paid probate on 250,000 valuation.

Resolved Question:

I've inherited a flat and paid probate on 250,000 valuation. I've just sold the flat 2 years later for 230,000. Can I claim capital loss on my tax return of 20,000.
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloWhen you report a loss, the amount is deducted from the gains you made in the same tax year.You can carry forward remaining losses to a future tax year. If you have no other gains in the tax year you can carry these forward.You don’t have to report losses straight away - you can claim up to 4 years after the end of the tax year that you disposed of the asset.The loss will not reduce your income unless you have a gain form other property disposed.
Customer: replied 1 year ago.
Thanks, ***** ***** to confirm, I can treat an inherited flat the same as a purchased flat and claim capital loss, although the capital loss only goes against other property sales. Is that correct?
Jon
Expert:  TaxRobin replied 1 year ago.
That is correct
Expert:  TaxRobin replied 1 year ago.
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