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Lodging Capital losses/Gains, page-17

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1greenhorn

101 Posts.

7

07/08/17

17:37

Post #: 26343963
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Originally posted by Zestfulmocha ↑

Capital gain is separate to the income 'tax-free threshold' if this is what you are eluding to?

Someone asked above can their losses offset the income tax they are paying. No, because capital losses can only be offset by capital gains, if none we made that year, then they carry over indefinitely until you make enough capitals gains to push yourself out of the red, and then, every dollar above break even you are paying tax on.

If you are not working, and therefore not claiming tax-free threshold, you just forego that opportunity completely, unless you are paying yourself a salary I guess, but I'm far from an expert on this stuff!

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Hi Zest

Thanks for your reply

My capital gain was $10000, I had no other earings ,I simply do not want to claim a loss (in the tax year 16/17) as I will have no tax to pay (I guess)

If I do have a capital gain in coming years that is greater than $18,000 I would like to claim the loss then if possible

Cheers

GH
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