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Tax Implications of Removing Name from House?

  • 07-12-2010 06:46PM
    #1
    Ald
    Closed Accounts Posts: 251 ✭✭


    Hey,

    Me and wife are separated. Amicable situation thankfully. I don't want any money from house that she will live in. I've got my family house that I'll move back to. I want to know the ins and outs of just taking my name off deeds and what that means to her and me? Are there any tax implications?

    Thanks in advance!


Comments

  • #2
    censuspro
    Registered Users, Registered Users 2 Posts: 881 ✭✭✭censuspro


    Is it a formal separation on foot of a court order? Are you still living together as "man and wife"?

    If you are still married and living together as man and wife all transfers between spouses are exempt from CGT, CAT and Stamp Duty.

    There are a couple of different scenarios that could apply in a situation like this depending on whether you are married and living together, seperated and living together, legally seperated on foot of a court order. In most cases no immediate tax liability would arise but you or your wife could use up some of their CAT threshold but again it depends on the circumstances.


  • #3
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Seek independent legal advice.

    Amicable or not.

    Thread closed


This discussion has been closed.
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