IR833 Step 2 - identify the scenario that applies to your sale(s)
Identify the scenario that applies to your sale(s) in the table below, and work out what amount to show in the “Other income” box of your tax return (e.g. Question 24 in the IR3 Individual tax return).
If | and | then |
|---|---|---|
Total 1 + total 2 = profit | you don’t have other income to declare | show the profit amount in the “Other income” box. |
you have other income to declare | add the two amounts together and show the result in the “Other income” box. | |
Total 1 = loss and total 2 = loss | you don’t have other income to declare | show only the total 2 amount in the “Other income” box (loss from total 1 is not added to total 2). |
you have other income to declare | add total 2 amount to the other income amount and show the result in the “Other income” box (loss from total 1 is not added). | |
Total 1 = loss and total 2 = profit | you don’t have other income to declare | deduct total 1 from total 2. If answer is:
|
you have other income to declare | deduct total 1 from total 2. If answer is:
| |
Total 1 = profit and total 2 = loss | you don’t have other income to declare | deduct total 2 from total 1 and show the result in the “Other income” box. |
you have other income to declare | deduct total 2 from total 1, then add to your other income amount and show the result in the “Other income” box. | |
Total 1 = loss | you don’t have other income to declare | show 0 in the “Other income” box. |
you have other income to declare | show the other income amount only - do not deduct total 1 from the other income. | |
Total 2 = loss | you don’t have other income to declare | show the loss amount from total 2. |
you have other income to declare | add total 2 to your other income and show the result in the “Other income” box. |