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Unmarried couple house purchase tax liability

  • 10-07-2019 8:34am
    #1
    matthewS.
    Registered Users, Registered Users 2 Posts: 38 ✭


    Really appreciate any help with this.

    Myself and my partner (and two kids) will be buying a house soon. We have a good sized deposit from our house sale in New Zealand but that is all in my name, house was solely mine, deposit comes from my bank accounts etc.

    I've been advised to check that we don't end up needing to pay gift tax when we purchase our next house as it could be argued that the deposit is in some way a gift to my girlfriend.

    Does this sound right?

    a related Irish times article


Comments

  • #2
    BarryD2
    Closed Accounts Posts: 4,732 ✭✭✭BarryD2


    Get married - tends to sort out a lot of legal & tax issues like this. It's the framework that society developed for the family unit.


  • #3
    Wheety
    Registered Users, Registered Users 2 Posts: 5,521 ✭✭✭Wheety


    Barry is probably right. I don't know your situation but buying a house and having 2 kids, I guess you're in it for the long haul. Not sure if marriage is in your thoughts but if you're not bothered with a wedding a registry office job could solve your issue.

    The gift tax exemption for a non spouse/child is quite low. No CGT on gifts from spouse.

    https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-exemptions/exemption-on-transfers-between-spouses-or-civil-partners/index.aspx


  • #4
    matthewS.
    Registered Users, Registered Users 2 Posts: 38 ✭matthewS.


    Getting married requires at least 3 months. So it doesn't help :/


  • #5
    Zadkiel
    Registered Users, Registered Users 2 Posts: 687 ✭✭✭Zadkiel


    Presumably the deposit will be used specifically to buy the house though so is never gifted to the partner?
    What if you buy the house in your own name again?


  • #6
    matthewS.
    Registered Users, Registered Users 2 Posts: 38 ✭matthewS.


    Buying it in my own name again is probably the option I will go with again. It's just not ideal.


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  • #7
    BarryD2
    Closed Accounts Posts: 4,732 ✭✭✭BarryD2


    matthewS. wrote: »
    Buying it in my own name again is probably the option I will go with again. It's just not ideal.

    Maybe you can agree to do that on an immediate basis. But resolve to 'regularise' your relationship and then seek to put house in both names.

    Lots of people cohabit as couples, we did for several years but when the question of children, buying a house etc arose - we got married. Doesn't have to be anything fancy, a registry office is all that is needed. The stroke of a pen.


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