Shares & Funds Quarantine of Capital Loss? (Shares against Property).

Just a quickie, I have a small bunch of shares that I speculated on in 2009/2010 that are now essentially completely worthless.

I have held off cashing them out as they're basically only worth a few cents so figured I'd sit on them until such a time I may have a capital gain in a year, then sell them and use the loss offset against the gain.

Am I right in thinking that once I crystallize the loss, it can only offset a gain in the same asset class?

Or, if I sell off an IP in the future can I claim the capital loss on the shares against the gain on the property?

Cheers.

 

AFAIK capital gains/losses are not segregated based on asset class & losses can be carried forward. So there was/is no need to hold the shares, waiting to sell them (crystalising the loss) in the same year you make a capital gain.

 

Thanks Guest the only reason I've not sold them yet is the remote off-chance they'll pick up again in the future, I may as well just sit on them until such a day I have a gain worth offsetting them against.

 

No this is not so. You could carried forward a capital loss and it could be used to offset a capital gain in the future - same or different class.

 

Isn't that what he said?

 

Who?

 

It looks like you said 'no this is not so', but then effectively wrote the same thing Propagate had asked.

As long as the shares are sold (crystalising the loss) in the same financial year or prior to the property then the share loss can offset the property gain.

 

Sorry should have quoted. This is not so.

 

Maybe next time you can try for a quadruple negative such as:
“I won't never bother you no more, neither.”

I think it’s a lawyer thing purely designed to confuse us laypeople.

 

Its like the NCCP Act where a loan must be deemed 'not unsuitable'. At first brush this sounds strange, but this is not the same thing as being 'suitable'.