Question about selling a property

Hi there

If I bought a unit for $265k in Nov 2009, immediately moved in and lived in the property for the entire time until March 2017 and then rented it out from June 2017 (negative geared for both financial years 16-17 and 17/18) and sold the unit today at the current market value of $250k ($240k after expenses), would this be a capital loss and if so what does that mean? I know governments are happy to take a portion of your capital gains but what happens when you have a capital loss?

 

Did you get a valuation done in June 2017?

 

No the valuation was done just about a week ago.

 

Capital losses can only be written off against capital gains.

 

Thanks for that. So given the situation explained in my OP, where do I fall? I'm not worried if I can't claim losses I just hope I don't have to pay out anything.

 

Did you claim depreciation for the time it was an IP?

 

No, because when I contacted surveyors at the time they advised me that a property depreciation report wasn't worth it and to just claim individual expenses such as new carpet and bathroom fittings.

 

I think I posted this thread in the wrong forum because it is more to do with the selling process rather than investment strategy. My apologies.