Capital Gain and Capital Loss

[scott]

In an answer to my post some weeks ago I was told that the $600 I lost when I "cooled off" on a contract can be used in the future against any capital gain.

my questions are:
- is this only related to property?

- can it only be used for future capital gain situations or can I use it to reduce a past capital gain? (Eg When I stupidlly sold my NRMA shares within 12 months).

Thanks
Scott

[DaleGG]

Originally posted by scott
In an answer to my post some weeks ago I was told that the $600 I lost when I "cooled off" on a contract can be used in the future against any capital gain.

my questions are:
- is this only related to property?

- can it only be used for future capital gain situations or can I use it to reduce a past capital gain? (Eg When I stupidlly sold my NRMA shares within 12 months).

Thanks
Scott

Hi Scott!

The Capital loss can be carried forward forever or until you make a capital gain on any asset at which time it is offset agsint that gain.

The loss can only be offset against the capital gain on those shares if they happened in the same year, otherwise, you cannot go backwards in time.

Have fun

Dale

[XBenX]

scott totally off topic but i thought u might be interested

I saw this property in the local paper

for auction or offers before - 290+

13 orchid st sutherland (loftus)

im not after one of these but its a damn good price considering houses in the street sold for $470K in 2002 according to sales data anyhow

just thought u might be interested because of your location.

NOTE : ive got no interest in this property or this area - just passing the info on because it might go very cheap

[scott]

Thanks Dale, as always your advice is appreciated.

Ben Re Loftus house for $290. I did a drive pass and think this must be a mistake or the place is full of termites. It is a very low price for this desirable street. However their web shows this place as under contract.

Thanks for the heads up though

Scott

[XBenX]

Yeh, a mistake is highly likely at that price

[Jas]

de Roos.
Queenstown.
$40,000

That's all I have to say.

Jas

[Kevmeister]

de Roos.
Queenstown.
$40,000

That's all I have to say.

Ah, unfortunately, you didn't say enough to make much sense... :-)

[DaleGG]

Hi

Dolf DeRoos bought a property for $20,000 (not $40,000) when everyone else thought it must have been a typo and so they did not pursue it. In addition, he discovered that the house came full of furtniture in that same price.

A great story!

Dale

[Jas]

Opps - misremembered the price.

He had to make a few small repairs to the place, fortunetly the replacements had already been bought and where stored in the house.

Jas

[XBenX]

Hrmmm interesting point.

This one isnt worth following up (for me anyhow)

A dog is a dog, unless you can flip it.

(But that requires the bigger fool theory to continue)

[Jas]

I'm sure someone from the forum will. Mention a price and adress, and someone will buy.

Word of warning for people - there have been deals taken from forumites because a lurker has gazumped them. Don't be specific in public if you want to buy the place.

Jas

[XBenX]

hehe ok, fess up - which one of you lurkers stole the deal ! I was posting the info for scott :P

very true Jas - ppl need to be careful about what details they give if they want the opinion of the forum (unless the contract/option is already signed) and you are just asking for opinion if you should cool off or not.