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Providing for Widowed Mother - Tax issue

  • 13-06-2014 2:49pm
    #1
    Registered Users, Registered Users 2 Posts: 1


    Hi,

    I bought a house for cash at the bottom of the cycle.

    Meanwhile, my mother has been left widowed with no income other than small state pension.

    Naturally, if I were to rent my new house and live at home with my mother, I would have to pay tax at the higher rate on the rent (doesn't leave much).

    So this is my query:
    Could I grant a free lease or license to my mother for my house, so that she could sub-let it, and in that way take the income at lower rate (or maybe tax-free depending on the thresholds)?

    What would we have to do? Would revenue accept it?

    This would almost restore her financial position.

    It is an unusual/niche idea - any input appreciated.

    Thanks


Comments

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


    Hi,

    I understand that you want to help your mother but please read the charter.

    Structured tax advice is banned. Seek professional guidance not the opinions of an Internet forum.

    Thread closed.


This discussion has been closed.
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