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Tax implication - I own but may also need to rent

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  • 24-03-2010 11:02pm
    #1
    minoly
    Closed Accounts Posts: 1 ✭


    I own a single family home. Boyfriend needs to rent a townhouse this summer but he only has part-time income since he is going to school full time. I may need to co-sign the lease in order for him to get the place. My question is if I do this, is there any tax implication I should be aware of?

    My house is homestead - I live there and do not rent it out. By putting my name on a rental property, does it have any implication from a home tax standpoint?

    I understand that if I co-sign the lease then there will be financial obligations on my part if he fails to pay the rent or cut out on the lease early.


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    #2
    Victor
    Registered Users Posts: 78,353 ✭✭✭✭Victor


    I can't see any obvious tax implication.

    Your principal private residence stays the same, you are merely going guarantor for your boyfriend. You not be owning a second property. https://www.nppr.ie/

    Make sure ye only agree the lease for the expected time he needs it.


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    #3
    Supercell
    Registered Users Posts: 15,360 ✭✭✭✭Supercell


    OP is this place in Ireland, you sound like you are American?
    https://www.loughlinstown.ie

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



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    #4
    ricman
    Closed Accounts Posts: 1,559 ✭✭✭ricman


    NO TAX implication as above,you are just going as a gaurantor on the the lease.


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    #5
    Cathmandooo
    Registered Users Posts: 17,324 ✭✭✭✭Cathmandooo


    Would she not have to have the lease amended to say she's only a guarantor and not a tenant?

    You don't have to 'own' two properties to be liable for the NPPR.


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    #6
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Cathooo wrote: »
    Would she not have to have the lease amended to say she's only a guarantor and not a tenant?

    You don't have to 'own' two properties to be liable for the NPPR.

    True but you dont pay NPPR for something you dont own either. I.e if you live in a rental and own somewhere you pay NPPR on the house you own.

    If you were to pay NPPR for the rental in this example as the OP'sr PPR would be the house then its a double whammy for the same property as the LL would also have to pay. This isnt possible.


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    #7
    Cathmandooo
    Registered Users Posts: 17,324 ✭✭✭✭Cathmandooo


    D3PO wrote: »
    True but you dont pay NPPR for something you dont own either. I.e if you live in a rental and own somewhere you pay NPPR on the house you own.

    If you were to pay NPPR for the rental in this example as the OP'sr PPR would be the house then its a double whammy for the same property as the LL would also have to pay. This isnt possible.

    Well I didnt think you'd be paying NPPR for rental accommodation, that's up to the landlord. I just meant if the OP is down as a tenant without amending the lease to say she's a guarantor only would the NPPR collectors not start sniffing around a property the OP owns for the tax? Would they not be down on two legal documents and registers to say they're in two properties. Is that not what the NPPR tax collectors would be looking out for?

    If I owned a cottage down the country and had my name on a lease in Dublin then surely they'd be coming after me for the tax?


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    #8
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Cathooo wrote: »
    Well I didnt think you'd be paying NPPR for rental accommodation, that's up to the landlord. I just meant if the OP is down as a tenant without amending the lease to say she's a guarantor only would the NPPR collectors not start sniffing around a property the OP owns for the tax? Would they not be down on two legal documents and registers to say they're in two properties. Is that not what the NPPR tax collectors would be looking out for?

    If I owned a cottage down the country and had my name on a lease in Dublin then surely they'd be coming after me for the tax?

    they can come after you but it would be very easy for the OP to prove they are not living there. Anyway I think your giving the revenue here more Kudos than they deserve lol.


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    #9
    Cathmandooo
    Registered Users Posts: 17,324 ✭✭✭✭Cathmandooo


    D3PO wrote: »
    they can come after you but it would be very easy for the OP to prove they are not living there. Anyway I think your giving the revenue here more Kudos than they deserve lol.

    Maybe I am :D

    Hopefully they wont start chasing then, I can imagine it would just be hassle.


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