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helping out a family member with buying a property

  • 11-06-2013 9:20pm
    #1
    feeneyo
    Registered Users, Registered Users 2 Posts: 14 ✭


    i plan on giving my brother around 70k to help him buy a property but want to keep my name off the deeds. will they be asking him to varify where he recieved the maoney and will "they" want to tax it as a gift?
    feel free to ask a question, thanks


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,039 ✭✭✭✭Geuze


    Who are "they"?

    If a bank is giving the buyer a mortgage, then, yes, I suspect they will ask about the source of the other funds.

    If he is paying cash, with no mortgage, I'm not sure what his sol will ask.


  • #3
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    feeneyo wrote: »
    i plan on giving my brother around 70k to help him buy a property but want to keep my name off the deeds. will they be asking him to varify where he recieved the maoney and will "they" want to tax it as a gift?

    "they" the bank will want to know the source if he is getting a mortgage.

    "they" the tax office will want to tax it as a gift if it's a gift! Is he going to pay you back, so its a loan, if not its a gift.


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