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Ask Your Own Question, Chartered Certified Accountant
Category: Property Law
Satisfied Customers: 6854
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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If II sell a property overseas at a loss, what impact will

Customer Question

If II sell a property overseas at a loss, what impact will that have on my taxable income
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: No
JA: Where is the property located?
Customer: In Turkey but was sold when my wife died and the children and I have the money have the money split between us
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No
Submitted: 6 months ago.
Category: Property Law
Expert: replied 6 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Expert: replied 6 months ago.

Thank you for your question.

Capital losses do not have any impact on your taxable income as they are dealt with separately

capital gains/losses come under capital gains tax regime whereas your income is taxed under income tax rules.

If you made a loss on sale of property in Turkey, you should register your share of the loss on your tax return. This would enable you to offset this loss against future capital gains. You can claim up to 4 years after the end of the tax year that you disposed of the asset.

More information on this is covered here

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