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Post by valueinvestor123 on Aug 9, 2023 10:17:34 GMT
Hi,
I am selling a house and there will be some capital gains. I want to use some of the capital losses against the capital gains of the house.
Can I just put in the total amount the platform lost me or do I need to list individual loans?
If the latter, is there an easy way to work this out front the platform interface? I am not certain how to work it out.
Thanks for the help!
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Post by bracknellboy on Aug 9, 2023 11:09:02 GMT
Hi, I am selling a house and there will be some capital gains. I want to use some of the capital losses against the capital gains of the house. Can I just put in the total amount the platform lost me or do I need to list individual loans? If the latter, is there an easy way to work this out front the platform interface? I am not certain how to work it out. Thanks for the help! answer I put here: p2pindependentforum.com/post/479213/threadNote though with Lendy (I think it was Lendy) there were a couple of loans that were not genuine P2P loans (M1 or was it M2 ?) and which perhaps could be used if you were in them. If it was lendy, and you had the loans of course. I'm sure someone will jump in straight away to put flesh on that particular bone or shoot it down.
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Post by nbk on Aug 9, 2023 11:13:22 GMT
Hi, I am selling a house and there will be some capital gains. I want to use some of the capital losses against the capital gains of the house. Can I just put in the total amount the platform lost me or do I need to list individual loans? If the latter, is there an easy way to work this out front the platform interface? I am not certain how to work it out. Thanks for the help! Obviously best to get professional advice to be 100% sure, but I am fairly certain that you can only write off p2p capital losses against other p2p interest earned in that tax year, and not against capital gains in other asset classes (such as a house sale). The p2p interest earned can be on another (or multiple) platforms though, but has to be p2p. Unfortunately, given the high values of capital losses in p2p and the increasing defaults, it actually pretty hard to make enough p2p interest to offset fully against p2p losses.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,851 
Likes: 11,078
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Post by ilmoro on Aug 9, 2023 12:10:36 GMT
Hi, I am selling a house and there will be some capital gains. I want to use some of the capital losses against the capital gains of the house. Can I just put in the total amount the platform lost me or do I need to list individual loans? If the latter, is there an easy way to work this out front the platform interface? I am not certain how to work it out. Thanks for the help! answer I put here: p2pindependentforum.com/post/479213/threadNote though with Lendy (I think it was Lendy) there were a couple of loans that were not genuine P2P loans (M1 or was it M2 ?) and which perhaps could be used if you were in them. If it was lendy, and you had the loans of course. I'm sure someone will jump in straight away to put flesh on that particular bone or shoot it down. See my response in the other thread as to why CG relief maybe available. As for Lendy, you are correct that 5 M1 loans specifically do not qualify for income relief. The issue is that it is not currently possible to quantify the losses as that will depend on any dividend paid to creditors and that lenders are only creditors for the sum recovered not the full loan (court ruling). Any additional losses would require admin accepting lenders claim on grounds of Lendy misconduct. Not sure if the CG relief works the same as IT relief where can claim full losses then subsequent recoveries count as taxable gains.
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Post by valueinvestor123 on Aug 9, 2023 12:42:59 GMT
Hi, I am selling a house and there will be some capital gains. I want to use some of the capital losses against the capital gains of the house. Can I just put in the total amount the platform lost me or do I need to list individual loans? If the latter, is there an easy way to work this out front the platform interface? I am not certain how to work it out. Thanks for the help! Obviously best to get professional advice to be 100% sure, but I am fairly certain that you can only write off p2p capital losses against other p2p interest earned in that tax year, and not against capital gains in other asset classes (such as a house sale). The p2p interest earned can be on another (or multiple) platforms though, but has to be p2p. Unfortunately, given the high values of capital losses in p2p and the increasing defaults, it actually pretty hard to make enough p2p interest to offset fully against p2p losses. Are you serious? But I could offset capital losses from equities? (also a different asset class). Why not peer2peer? What makes them special?
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Post by nbk on Aug 9, 2023 13:15:39 GMT
Obviously best to get professional advice to be 100% sure, but I am fairly certain that you can only write off p2p capital losses against other p2p interest earned in that tax year, and not against capital gains in other asset classes (such as a house sale). The p2p interest earned can be on another (or multiple) platforms though, but has to be p2p. Unfortunately, given the high values of capital losses in p2p and the increasing defaults, it actually pretty hard to make enough p2p interest to offset fully against p2p losses. Are you serious? But I could offset capital losses from equities? (also a different asset class). Why not peer2peer? What makes them special? The Gov/Treasury set the rules - seems a bit arbitrary I agree. Here is what I could find on it ...
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,851
Likes: 11,078
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Post by ilmoro on Aug 9, 2023 17:05:25 GMT
Obviously best to get professional advice to be 100% sure, but I am fairly certain that you can only write off p2p capital losses against other p2p interest earned in that tax year, and not against capital gains in other asset classes (such as a house sale). The p2p interest earned can be on another (or multiple) platforms though, but has to be p2p. Unfortunately, given the high values of capital losses in p2p and the increasing defaults, it actually pretty hard to make enough p2p interest to offset fully against p2p losses. Are you serious? But I could offset capital losses from equities? (also a different asset class). Why not peer2peer? What makes them special? Because they can be offset against derived income which other assets can't ...
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