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Question about TRS.. Moving out.. Ex still in house

  • 12-12-2013 10:44am
    #1
    TheNumberB
    Registered Users, Registered Users 2 Posts: 2 ✭


    Can I get people's opinions on this..

    I bought a house with my ex a few years ago and we split recently. We were claiming tax relief at source. Now I've declared to the revenue and tax relief at source department that I have moved out and am no longer able to claim tax relief at source. So effectively at the end of this month our tax relief at source will decrease by about half. My question is, I had to move out to ease tensions. I pay for one third of the mortgage because she has continued to live there. Is it fair that I cover the full cost of the lost TRS or should we share the deficit? I initially thought I'd have to cover the full loss of TRS but after thinking about it, is it fair for me to cover all lost TRS while she is benefiting from staying in the house and continue to claim TRS?


Comments

  • #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    I'd be very careful here- its possible the TRS in its entirety could be stopped, as opposed to just your portion of it.

    I'd also sit down and do a back of envelope calculation.

    What is the mortgage (ignore TRS)
    Split it in two.
    Each of you owe half.
    Separately......
    How much would it cost to rent such a property.
    Discount it by perhaps 10% to ensure you're being reasonable.
    Take this amount off the amount you owe.
    Its possible she may actually owe you a little money by continuing to live there- if the economic cost of her living there, is greater than the financial cost of your portion of the mortgage.......

    Unless you are supporting a child or something- there is no inherent reason for you to be providing her with financial support- vis-a-vis paying 1/3 of the mortgage, when you're not living there- but you have to be sure of your figures- and err in her favour with the sums, to ensure you're being reasonable.

    Get an independent financial advisor to sit down and plough through the sums.


  • #3
    TheNumberB
    Registered Users, Registered Users 2 Posts: 2 ✭TheNumberB


    Thanks for feedback.
    I've checked and Revenue has confirmed that my half of the TRS will be lost. The form to fill out is @ http://www.revenue.ie/en/tax/it/forms/trs-deregistration-form.pdf

    Option 3 is the option I filled out, stating I'm leaving but the other occupant is staying there claiming TRS and will continue to.

    Thanks for the feedback, never thought of getting a financial advisor involved


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