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Post by Debra on Apr 8, 2022 15:10:12 GMT 1
Does anyone know how this works if you have both a loss and a gain in the same tax year when selling property?
I know that normally if a gain has been made the notaire deducts plus value tax and social charges from the sale proceeds.
What happens if the gain you've made is a lot less than the loss you made on another sale in the same tax year?
Can one be offset against the other and if so can the notaire allow that no tax is due on the second sale because of the prior loss or is it a matter of them taking the tax and charges anyway and the seller having to claim them back from the impots?
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Post by Deleted on Apr 8, 2022 15:14:08 GMT 1
If it's a business yes as a private individual I would have thought not.
Suein56 might know.
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Post by Debra on Apr 8, 2022 15:26:13 GMT 1
Which bit are you saying yes to, mysty?
Not a business. I finally managed to sell my ex marital home that I've been trying to sell for a decade but I made a large loss on it. I've just agreed a sale on a house I was letting and that one has a small gain (about 30% of the loss on the other one) so it would feel really unfair if I had to pay plus value tax and social charges on this gain but it's France, hence not assuming I won't!
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Post by Deleted on Apr 8, 2022 15:36:29 GMT 1
It was clear in my head  You will be paying tax on the profit. If you were registered for buying and selling property you could have had a credit for the loss which would have wiped out the gain but I may be wrong. |
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Post by Debra on Apr 8, 2022 15:38:04 GMT 1
And no ability to claim it back later? If that's the case this could definitely be an 'eff this I've had enough of France' moment!
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Post by Deleted on Apr 8, 2022 15:42:26 GMT 1
And no ability to claim it back later? If that's the case this could definitely be an 'eff this I've had enough of France' moment! Look on the bright side if your paying some tax then your helping others. How are you anyway  |
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Post by Debra on Apr 8, 2022 15:48:16 GMT 1
And no ability to claim it back later? If that's the case this could definitely be an 'eff this I've had enough of France' moment! Look on the bright side if your paying some tax then your helping others. How are you anyway  No that doesn't help - if you're right I really won't be impressed! I'm ok, thanks. A bit stressed because I'm at a stage where I really don't know where I'm going to end up! It's my youngest son's last year of college and we don't know what lycee he will be accepted into yet but we already know that we'll need to move closer to whichever one it is if he's not going to be interne or have a fourteen hour day and then still have homework to do at home! Good that the house finally sold and the one I've just agreed a sale on sold in two days so that's a refreshing change - can't help but wonder if I'm selling it too cheaply though, with it selling that quickly!! |
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Post by Debra on Apr 8, 2022 15:53:49 GMT 1
I've asked the agent if he deals with leisure land since I've still got some fishing lakes I'd like to get rid of!!  |
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Post by Deleted on Apr 8, 2022 18:10:41 GMT 1
The property market is still very busy here you struggle to find a bargain just now.
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Post by chrisell on Apr 8, 2022 18:13:41 GMT 1
Was either of them your actual residence? That's exempt from CSG isn't it?
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Post by Debra on Apr 8, 2022 18:16:16 GMT 1
The property market is still very busy here you struggle to find a bargain just now. Yes I've been looking at the market where I live, where that house I just sold was and a few cities I may end up moving to and houses appear for sale and disappear pretty quickly. Hopefully that means I can sell where I live pretty quickly but that doesn't help buy somewhere if I need the cash from the sale, unfortunately. We won't know until July where he's been accepted too, so I've told him he may have to go interne in September until I can buy somewhere and catch up! |
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Post by Debra on Apr 8, 2022 18:20:42 GMT 1
Was either of them your actual residence? That's exempt from CSG isn't it? CSG? One used to be but that's irrelevant since I left it in 2016 and that's the one I made a huge loss on. The other was let and I've decided to sell that too to help move to one of a few more expensive areas where my son wants to go to lycee. I'll still probably need to sell my home if I can't manage to sell the fishing lakes I also have for sale. I'm aware I won't be liable for capital gains tax on my home - though I'm not sure how it will work if I live between two houses and one of those was let for two years out of the period I've been here (since early 2016, having bought it the year before and spent some time renovating it before moving in). It's only lived in by me and my sons since that tenant left but I'm not sure how having let it at all will affect any gains on this place. |
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