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Joint Ownership Taxes

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  • 15-07-2015 9:37pm
    #1
    rosslenihan12
    Registered Users Posts: 2 ✭


    HI,

    Myself and my girlfriend have decided to purchase a house. I will be inputting 65% of the deposit and she will be inputting 35% of the deposit. After this we will be splitting all costs equally and the ownership of the property will be 50/50.

    Are we liable to pay taxes on the difference in the up front cost we are putting into the house?

    Any advice on the taxes here are welcome. Is it advisable to speak to a tax advisor about this?
    Tagged:


Comments

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


    What tax are you paying on a deposit exactly?


  • Options
    #3
    CIARAN_BOYLE
    Moderators, Sports Moderators Posts: 14,599 Mod ✭✭✭✭CIARAN_BOYLE


    Mr. Incognito wrote: »
    What tax are you paying on a deposit exactly?

    It seems that the OP is making worried that he is giving a gift to his girlfriend of 15% of the value of a deposit on a house and as such there may be a CAT issue.

    Very conscientious of you OP. Theoretically your girlfriend could indeed be liabile to CAT on this basis.


  • Options
    #4
    dbran
    Moderators, Business & Finance Moderators Posts: 2,094 Mod ✭✭✭✭dbran


    No.

    OPs 50% share of the house is €x
    OPs Girlfiends 50% share of the house is €y

    If they sell the house the proceeds are split 50:50

    One makes a capital gain, the other makes a capital loss. But then it is exempt if it is PPR

    dbran


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