If you sell something for less than what you paid, you incur a capital loss. This loss can then be used to offset a gain, in effect reducing the capital gain made during the same year. If the losses are greater than the gains, or if you only have losses, it’s possible to carry those forward, there is no time limit for the losses.
Those losses that are carried forward are then deducted from capital gains made in future years. The key is knowing how to balance the gains and losses. Proper planning makes the tax implications of the entire process much easier.
We can help you navigate your way through the capital gains process to ensure the best financial outcome for you. If you are considering selling off an asset, arrange an appointment with one of our expert consultants first. We can evaluate your individual situation and advise you on the most appropriate time to do so.
Our specialists provide advice on the best way to handle the sale and will show you how to manage the intricacies of capital gains tax. During our many years in the industry, we’ve helped many of our clients get a better understanding of how to manage their assets, when to buy and when to sell, in order to maximise their profits and minimise their tax.
Get in touch with us today.